Janngo announces US$66mn fund to back African technology startups

The fund is a first of its kind venture capital and impact vehicle investing from seed through growth stage across Africa and targeting at least 50 per cent of startups founded, co-founded or benefiting women.

This initiative is part of Janngo’s broader commitment to financing the SDGs in Africa, as a member of the Goalkeepers Community and the Global Future Council on the New Economic Agenda of the World Economic Forum.

With a US$66mn investment vehicle 100 per cent dedicated to African startups achieving both economic performance and a social impact, Janngo’s commitment is paving the way for SDGs financing in the Venture Capital Space in Africa.

This pool of capital includes a US$16mn ticket from the European Investment Bank (EIB), the world’s largest multilateral financial institution and the biggest provider of climate finance.

Fatoumata BA, executive chair of Janngo and managing partner of Janngo Capital, said, “Thanks to the support of the EIB, we will be able to invest between US$55386 and US$5.5mn, from seed through growth stage in startups all across Africa demonstrating the ability to deliver financial and social returns.

“Every past investment and every startup in our deal-flow is mapped against the 17 SDGs; their ability to create jobs for women, for young people and green jobs is also assessed. We act not only as financial partners but as operating partners with a very hands-on and long-term approach as well as an ecosystem thinking.

“That is why we have engaged with stakeholders sharing the same vision through our partnership with the EIB, our contribution to the WEF conversation on financing the SDGs during Davos Annual Meeting and our commitment to the Goalkeepers community. We have a decade to deliver on the Goals and the clock is ticking: we need more than positive capitalism, we need stakeholder capitalism.”