Janngo Capital closed its $78M fund, Africa’s largest gender-equal tech VC, supporting African startups focused on gender equality, tech, and job creation.

In a groundbreaking achievement for African venture capital, Janngo Capital has announced the final close of its second fund, reaching an impressive $78 million – 20% above its original goal. This fund cements Janngo Capital’s position as the largest gender-equal tech-focused venture fund in Africa, representing a significant stride toward fostering a more inclusive tech landscape across the continent. Here’s a comprehensive breakdown of this pivotal milestone, the vision behind it, and its potential impact on Africa’s tech ecosystem.

Janngo Capital: A Vision for Equal Opportunity and High Returns

Founded with a focus on driving both impactful social change and financial success, Janngo Capital has gained acclaim for its dual investment approach. The firm’s portfolio currently comprises over 30 investments across 21 companies in 14 countries, highlighting sectors such as healthcare, financial services, and logistics. Importantly, Janngo Capital commits 50% of its funds to women-led enterprises, making it one of the few African VCs driven by gender equality principles. This approach has drawn both institutional investors and development finance organizations, who see Janngo’s strategy as essential for addressing Africa’s economic and social needs.

Key Contributors and Investors

Several high-profile investors have recognized Janngo’s balanced strategy, reinvesting in this closing round:

European Investment Bank (EIB): As the largest multilateral development bank globally, the EIB is a strong advocate for gender-focused ventures, which it views as integral to Africa’s growth.
African Development Bank (AfDB): Known for its dedication to funding development projects across Africa, the AfDB supports Janngo’s commitment to female-led businesses and sees the fund as a vehicle for widespread economic empowerment.

In addition, this closing round attracted six new investors, underscoring the growing confidence in Janngo’s ability to deliver both impact and returns:

Mastercard Foundation Africa Growth Fund: This innovative impact fund supports gender-diverse investment vehicles and provides resources to create dignified job opportunities for women and youth.
U.S. International Development Finance Corporation (DFC): The DFC’s involvement amplifies Janngo’s goal of empowering African entrepreneurs and increasing job opportunities for marginalized populations.
International Finance Corporation (IFC): As part of the World Bank Group, the IFC brings crucial resources to Janngo, focusing on expanding access to early-stage equity financing, especially in underserved regions like Francophone West Africa.
ANAVA Fund (Smart Capital): A Tunisian fund of funds, ANAVA supports regional growth with a particular interest in startups, demonstrating a commitment to fostering innovation and tech-driven economic transformation.

The Fund’s Focus: Gender-Equal, Technology-Driven, and Africa-Centric

Operating under a gender-lens investment model, Janngo’s Startup Fund focuses on technology startups that meet three main objectives:

Enhancing Access to Essential Services: Companies that use technology to improve healthcare, education, and financial access for Africans are at the heart of Janngo’s portfolio.
Empowering SMEs: By investing in startups that improve African small and medium enterprises’ (SMEs) market access and capital accessibility, Janngo boosts the overall economic ecosystem.
Job Creation at Scale: Janngo prioritizes companies that have the potential to create sustainable, large-scale employment, particularly benefiting women and youth.

Noteworthy Investments and Key Milestones

In just six years, Janngo Capital has made substantial strides in scaling African startups, with notable successes like Sabi and Expensya:

Sabi: A women-led Nigerian startup specializing in e-commerce, Sabi has achieved remarkable growth, attracting over 250,000 registered users and generating $1 billion in GMV annually. With 15,000 monthly orders and revenue tripling in 2023, Sabi has become a symbol of African innovation and resilience.
Expensya: Founded by Tunisian entrepreneurs Karim Jouini and Jihed Othmani, Expensya offers financial solutions for SMEs. Following its impressive growth trajectory, Expensya was acquired by Medius, a global fintech giant. The exit was a significant transaction within the MENA region, with Janngo reaping a 48% IRR from its investment, underscoring the fund’s ability to deliver strong returns alongside positive social impact.

Long-Term Impact on Africa’s Tech Ecosystem

Janngo Capital’s $78 million fund is not only a significant financial pool but also a platform for promoting gender equity and technological advancement in Africa. The firm aims to drive sustainable development by supporting startups that address critical needs across the continent. This commitment is further solidified by its collaboration with world-class investors that bring substantial expertise and resources to the table. Together, they create a robust ecosystem where African startups can access both capital and the mentorship required for long-term success.

Concluding Thoughts: A Transformative Moment for African Tech

Janngo Capital’s recent closing marks a historic point in African venture capital. With its blend of technology, gender equality, and dedicated investment in underrepresented regions, Janngo is more than just a fund; it is a transformative force. The fund’s impact extends beyond individual startups to the broader economic and social structures, offering a blueprint for future venture capital investments across Africa. As Janngo continues to drive change, it sets the stage for a thriving, inclusive tech ecosystem that has the potential to reshape Africa’s digital future.