Janngo Capital, an African venture capital firm, has closed its second fund for €73 million (roughly $78 million), exceeding its initial €60 million target by 20%.
Janngo Capital’s founder, Fatoumata Bâ, confirmed the development and said that additional investors that joined the second fund include the Mastercard Foundation Africa Growth Fund, Tunisian fund, ANAVA, and the endowment fund of Ghana-based University Ashesi University.
The United States International Development Finance Corporation (DFC) and the World Bank’s International Finance Corporation (IFC).
Janngo uses technology and money to create digital ecosystems in high-growth sectors by providing customer-centric and value-added services to African customers, allowing African SMEs to scale their businesses, and creating job and empowerment possibilities for youth and women.
Janngo’s investment thesis emphasises gender-diverse teams, reflecting Africa’s high proportion of female entrepreneurship.
The firm’s emphasis goes beyond fintech to include healthcare, logistics, financial services, retail, agritech, mobility, and the creative economy.
“Africa represents 17% of the global population, yet attracts only 1%-2% of global VC funding, a share that has remained stagnant despite growth from $150 million raised a decade ago to around $4 billion-$5 billion today,” Bâ said.
“If we believe tech is critical to economic development in Africa, we should have proportional access to VC. That’s why our goal wasn’t just about hitting the target or achieving oversubscription — I wanted to attract private LPs, especially African LPs.”
Since its inception in 2018, Janngo has invested in approximately 30 rounds of 21 firms, including follow-on Series B investments. The firm invests €150,000 to €5 million in companies in healthcare, logistics, financial services, retail, agritech, transportation, and the creative economy. It has offices in Abidjan, Mauritius, Tunisia, and Paris.
With offices in Abidjan, Mauritius, Tunis, and Paris, Janngo plans to support 25-40 firms over the next five years, expanding the fund’s reach beyond its original 25-company ambition. Janngo provides investment packages ranging from €150,000 to €5 million, ensuring that entrepreneurs from Seed to Series B can obtain the essential resources to scale.
We earlier reported that Ivorian fintech startup Waribei has secured €750,000 ($820,462) in pre-seed money to get their inventory financing solution for African small traders developed more quickly.