ANAVA, managed by Smart Capital, has made a $4.3 million investment in Janngo Capital Startup Fund (JCSF), a technology fund focused on Africa and promoting gender equality. This marks Janngo Capital Partners’ second investment vehicle.
JCSF is a gender equal technology fund and Janngo Capital Partners’ second investment vehicle. With a target size of €60 million, the fund aims to invest in about twenty-five early-stage tech and tech-enabled startups in francophone Africa, including Tunisia, to improve access to essential goods and services such as healthcare, education, or financial services among others.
According to Alaya Bettaieb, Director General of Smart Capital, “This is ANAVA’s first investment in pan-African funds. It will help Tunisian startups to widen their market and their presence in growing Africa, and ANAVA will build connections with other global players on the continent.”
The fund also aims to enable African startups to improve their access to market & capital, or create sustainable jobs at scale, with a focus on women and youth. Funded by the World Bank, Caisse des Dépôts et Consignations (CDC), and the KFW, the Fund is backed by top-tier investors such as the European Investment Bank (EIB), Africa Development Bank (AfDB) and Proparco, and a €10 million first loss mechanism provided by the European Commission through the Boost Africa initiative.
An additional €4 million equity investment in the Janngo Capital Startup Fund from Smart Capital will increase funding for innovative tech startups in Africa, in particular Francophone countries and companies founded by women, said Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.
“This commitment directly contributes towards investing in leading early-stage start-ups to help unlock a massive growth and positive economic, social, and environmental impact in Tunisia and beyond.”
ANAVA is Tunisia’s first euro-denominated fund of funds. It stands as a key pillar of the national initiative “Startup Tunisia,” with the ambition to position Tunisia as a hub of innovation and startups, within the Mediterranean, MENA, and Africa regions.
With an initial closing of €40 million subscribed by the CDC through a loan from the World Bank and €20 million subscribed by KFW, the fund of funds aims to raise an additional €60 to provide partnering funds with the capability to invest in Tunisian startups in Tunisia and abroad, allowing them to address their growth and internationalisation needs.