Janngo Capital ,a Pan-African venture capital firm has closed its second fund at $78 million, 20% beyond its initial target. The fund was led by new investors including Mastercard Foundation Africa Growth Fund, DFC, IFC, and ANAVA with participation from its first close investors.
Janngo builds, grows, and invests in pan-African digital champions with proven business models and inclusive social impact. Janngo Capital operates Africa’s largest gender-equal technology fund, investing up to €5m in startups solving key market failures while creating green jobs, particularly for women & youth. Its portfolio companies are 56% female-led, 67% francophone including unicorn Sabi and fintech champion Expensya.
“We are proud to announce the final closing of our second investment vehicle at $78 million, 20% above our initial target pledged in Davos. We are particularly honored to have attracted a great mix of top-tier investors, African and global, institutional and private, impact and commercially driven to support our ambitious vision. Beyond our team, it is a strong signal of confidence in the African tech ecosystem and its solid growth prospects. We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way.” commented Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.”
Janngo Capital Startup Fund’s anchor investors doubled down by reinvesting in this final closing, such as:– The European Investment Bank (EIB), the world’s largest multilateral development bank, active in 160 countries.
The African Development Bank (AfDB), Africa’s largest development finance institution with 81 member countries 54 regional and 27 non-regional). Additionally, 6 new world-class investors joined this final closing, such as:
Mastercard Foundation Africa Growth Fund – MEDA, an innovative impact fund of funds initiative targeting Africa-based investment vehicles.
Others include, the U.S. International Development Finance Corporation (DFC) which partners with the private sector to finance solutions to the most critical challenges facing developing countries.
International Finance Corporation (IFC) – a member of the World Bank Group , the largest global development institution focused exclusively on the private sector in developing countries.
ANAVA (Smart Capital), a Tunisian fund of funds backed by the World Bank, CDC, and KFW; and additional private investors such as the leading African university endowment fund.
“Creating secure, dignified, and fulfilling jobs is a priority for Africa’s economic growth,” says Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund. “For Africa to achieve its development agenda, as well as the UN Sustainable Development Goals, innovative and proactive approaches to job creation for women and youth—are essential.”
Akyianu adds that The Mastercard Foundation Africa Growth Fund, managed by the Mennonite Economic Development Associates (MEDA), is a first-of-its-kind Fund of Funds anchoring African-focused and domiciled investment vehicles like Janngo. It provides the capital and business development support to invest in SMEs across sub-Saharan Africa, increasing the job-creation potential of African entrepreneurs.
Guided by gender-lens principles, the Fund is proud to support Janngo in creating sustainable, inclusive opportunities that empower women and youth, driving the continent’s long-term growth.
Janngo Capital Start-up Fund invests up to €5 million, from seed to growth, in technology startups that (1) enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, (2) enable African SMEs to improve their access to market and capital, or (3) create sustainable jobs at scale, with a focus on women and youth.
Since inception, the firm has made about 30 investments in 21 startups and has successfully exited the leading fintech company Expensya, achieving an average internal rate of return (IRR) of 48%.
Janngo Capital, its management company, is one of the very few female-founded, owned and led venture capital firms in Africa. In 2020, the firm made a strong commitment to gender equality, pledging up to 50% of investments in companies founded, co-founded or benefiting women during the World Economic Forum in Davos.
In 2023, Janngo Capital won the Gender Equality Award at the Africa CEO forum, in recognition of its 56% portfolio companies founded, co-founded or benefiting women and of its 91% portfolio companies complying with 2X criteria .
In less than 6 years, the firm has built a portfolio of 30+ investments across its 2 investment vehicles in 14 countries. Its portfolio companies have since expanded in over 20+ countries, spanning across key sectors such as healthcare, logistics, financial services, retail, food & agri, mobility and the creative industry and generating several billion dollars of transactions per year while creating more than 20 000 jobs.
Key investments include Sabi , a woman-led Nigerian unicorn, recently named to the world ranking of Fast Company’s Most Innovative Companies. With exponential growth over the last three years, more than 250,000 registered users, 15,000 monthly orders and a revenue that has tripled in 2023 on an annualized basis compared to 2022, Sabi generates more than $1 billion of GMV per year.
The firm has also successfully achieved the exit of Expensya, founded by Tunisian entrepreneurs Karim Jouini and Jihed Othmani, with an average Internal Rate of Return (IRR) of 48%. The sale of Expensya to the Unicorn Medius, a global leader in “CFO as a Service” technology solutions and a key gateway for financial management, represents one of the largest transactions in the MENA region.
Over the past two years, Expensya has more than doubled its recurring revenue and expanded its team to over 200 employees across Tunisia, France and Germany. The company had raised $20 million in a Series B financing round in May 2021. Janngo Capital was the first African VC on Expensya’s cap table and has invested at seed and series B.
“The European Investment Bank is pleased to support venture capital investment by the Janngo Capital Start-up Fund which is enabling women-led businesses to thrive, innovate, harness technology, and create sustainable jobs. By providing access to finance and fostering entrepreneurial talent, we are not only contributing to gender equality but also driving economic growth and resilience across Africa.” – Ambroise Fayolle, Vice President, European Investment Bank .