Tunisia’s ANAVA Allocates $4.3 Million to Janngo Fund Supporting Female-Led Enterprises


Africa-focused Janngo Capital Startup Fund (JCSF) has secured a €4 million ($4.3 million) equity investment from Tunisia’s fund of funds, “ANAVA.” The funding will be used to support francophone African startups and businesses founded by women.

As ANAVA’s inaugural investment in Pan-African funds, it is poised to bolster the growth of Tunisian startups operating within the Francophone African countries that are the focus of this investment. The aim is to enhance their market penetration and establish a stronger foothold across Africa.

Moreover, the fund will allocate its resources to bolstering promising early-stage startups with the capacity for expansion and a beneficial influence on the economy, society, and environment.

The Janngo Capital Startup Fund is the second investment vehicle of Janngo Capital, founded by Fatoumata Bâ, who also holds the position of executive chair. As of 2022, 56% of the companies in its portfolio are led by women, and 54% are francophone.

Following the injection of funds from ANAVA, Fatoumata Bâ announced, “The infusion of an extra 4 million euros in equity investment from Smart Capital into the Janngo Capital Startup Fund will bolster funding for cutting-edge tech startups in Africa, with a particular focus on Francophone countries and women-led enterprises.”

In September 2022, Janngo Capital Startup Fund (JCSF) marked a significant milestone with the announcement of the first close of €60 million (~$6.5 million), surpassing initial expectations with €34 million ($36 million) in capital commitments.

With a €60 million (~$6.5 million) investment, our goal is to foster the growth of early-stage tech and tech-powered startups. We aim to facilitate the development of impactful solutions, enhance market access and capital, and generate employment opportunities for women and youths

In December 2023, Janngo Capital invested $4.9 million in Susu, an Ivorian healthtech start-up, and co-led a $2.65 million pre-seed in MAKA, a fashion and beauty social commerce platform. In October 2023, it led a $3 million pre-series A round in Star News Mobile, a creator monetisation platform for Africans.

ANAVA, managed by Smart Capital, is positioned as Tunisia’s premier euro-denominated fund of funds and a trailblazing startup in the region. With an initial target size of €100 million (~$108 million), the fund has secured investments from prominent institutions, including €40 million ($43 million) from Caisse des Dépôts et Consignations (CDC) and €20 million (~$22 million) from KFW.

Alaya Bettaieb, Director General of Smart Capital, highlighted the potential of the investment in fostering valuable connections for ANAVA with other global players.




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