Janngo Capital has announced the final close of its second fund at $78 million, exceeding its initial target by 20%, making it Africa’s largest gender-equal tech-focused venture capital fund. Founded by Fatoumata Bâ, Janngo Capital aims to bridge market gaps, generate green jobs, and empower women and youth across the continent. With this close, the firm will drive social impact while generating profitable returns, addressing major challenges in African markets through technology-driven solutions.
Since its inception, Janngo Capital has made approximately 30 investments in 21 startups, including notable companies like Nigeria’s Sabi and Tunisia’s Expensya. The firm is empowering female entrepreneurs, investing in 56% female-led businesses, especially in Francophone Africa. With a targeted investment size of up to €5 million per company, Janngo supports startups from seed to growth stages, concentrating on sectors such as healthcare, education, and financial services, where access to essential goods and services is critical. The firm’s portfolio spans 20 African countries and generates billions of dollars in transactions annually, creating over 20,000 jobs in the process.
New investors in the fund include major global institutions, among them Mastercard Foundation Africa Growth Fund, the U.S. Development Finance Corporation (DFC), the International Finance Corporation (IFC), and ANAVA. Anchor investors like the European Investment Bank (EIB) and the African Development Bank (AfDB) also strengthened their commitments in this final close. These additions, according to Janngo Capital, underscore strong confidence in both the firm’s mission and the African tech ecosystem’s growth potential.
“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,” said Fatoumata Bâ, Janngo Capital’s founder and executive chair. She emphasized the fund’s commitment to fostering equitable development by investing in category-defining startups that use technology to leapfrog development across Africa.
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Ambroise Fayolle, Vice President of EIB, highlighted the significance of empowering female entrepreneurs for Africa’s growth. “The European Investment Bank is pleased to support venture capital investment through the Janngo Capital 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,” he said.
Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund, reinforced this mission, pointing to the necessity of innovative and proactive approaches to job creation for women and youth as key to Africa’s economic advancement. “To achieve economic growth, Africa needs to prioritize the creation of secure, dignified, and fulfilling jobs,” he emphasized.
The close of Janngo’s $78 million fund signals a new phase of support for African startups addressing fundamental challenges and unlocking potential across multiple sectors.
