African venture capital firm Janngo Capital has closed its second fund at €73 million (about $78 million).
Driving The News
African Development Bank Group (AfDB) and European Investment Bank (EIB) were the main backers of the fund.
Other institutional investors including the Mastercard Foundation Africa Growth Fund, Tunisian fund of funds ANAVA, and the endowment fund of Ghana-based university Ashesi University joined them.
The U.S International Development Finance Corporation (DFC) and the World Bank’s International Finance Corporation (IFC) also invested.
Moving Forward
Janngo Capital’s founder Fatoumata Bâ stated they initially planned to back 25 companies. But now that the additional funds are in, the firm will invest in another 10 to 15 companies over the next five years.
The firm expects its portfolio to have between 25 and 40 companies, and the second fund will not depart from the firm’s seed to Series B focus. The VC takes 15% to 30% ownership in startups.
What They’re Saying
“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.
Zoom Out
Since launching its first fund in 2018, Janngo has made more than 30 investments in 21 startups, sometimes investing in follow-on Series B rounds.
Between The Lines
Janngo invests €150,000 to €5 million in startups operating in the healthcare, logistics, financial services, retail, agritech, mobility, and the creator economy sectors.
Source: Techcrunch
