On the eve of the United Nations General Assembly’s 77th session, Janngo Funding Startup Fund (JCSF) announced its first capital commitments of EUR34 million (about US$36 million).The fund management organization, backedby large private corporations and international financial institutions, plans to invest around US$63 million (almost EUR60 million) in entrepreneurs who leverage technology to accelerate development and achieve the SDGs in Africa.
The management company has established the Janngo Capital Startup Fund as the second investment vehicle. It will provide seed and growth investments of up to 5 million Euros to early-stage tech and tech-enabled startups that help Africans gain better access to necessities such as healthcare, education, and financial services; assist African SMEs in gaining better access to the market and capital; or create large-scale, long-term jobs with an emphasis on women and youth.
It is an honour for us to direct the largest gender-balanced technology venture capital fund in Africa. We are grateful that leading investors from across the world believe in our aim to support African business owners in their efforts to build digital champions across the continent.
According to Fatoumata Ba, Founder & Executive Chair of Janngo Capital, the firm has developed a good track record in the region due to its investments in 11 technology and technology-enabled firms. These investments include the unicorn companies Sabi, Expensya, and Jexport.
In addition to having one of the youngest and most rapidly growing populations, Africa also has some of the fastest-growing economies in the world. We think that if we promote entrepreneurialism and innovation in the region, we will be able to improve living conditions and contribute to the country’s overall socioeconomic development. According to Ambroise Fayolle, vice president of the European Investment Bank, “We are glad to work together once more with Janngo Capital Startup Fund as part of our Boost Africa Initiative.” This is because we are happy to work together with Janngo Capital Startup Fund.
The most recent fund to be launched by Janngo Capital would allocate fifty per cent of its profits to companies formed by women, co-founded by women, or assisting women.