Janngo Capital, a prominent African venture capital firm, has successfully closed its second fund at $78 million, surpassing its initial target by 20%. This milestone comes two years after the first close of the fund at $28.1 million, bringing the total raised to $106.1 million. The fund aims to support women-led and women-founded startups across Africa, driving economic growth and gender equality.
The second fund received backing from key investors, including the African Development Bank Group (AfDB) and the European Investment Bank (EIB), both of whom participated in the first close. New investors joining the fund include the Mastercard Foundation Africa Growth Fund, Tunisian fund ANAVA, and the endowment fund of Ghana-based Ashesi University. The U.S. International Development Finance Corporation (DFC) and the World Bank’s International Finance Corporation (IFC) also contributed to the fund.
Fatoumata Bâ, Founder of Janngo Capital, emphasised the importance of proportional access to venture capital for African startups. “Africa represents 17% of the global population, yet attracts only 1-2% of global VC funding. 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,” she said.
A core tenet of Janngo Capital’s investment strategy is its commitment to gender equality. With women-led or women-founded startups comprising 56% of its portfolio across both funds, Janngo Capital is actively working to close the gender gap in VC funding. This includes investments in companies like Sabi, a Nigerian B2B e-commerce platform led by CEO Anu Adedoyin Adasolum.
Bâ highlighted the importance of this focus, stating, “Africa boasts the world’s highest rate of female entrepreneurship, yet female founders receive a minuscule share of global VC funding. Our commitment to diverse founders, early-stage VC, and sectors beyond fintech demonstrates a high-impact thesis that delivers results.”
Janngo Capital’s successful exits, such as its early investment in Expensya, which was later acquired for approximately $120 million, further validate this investment approach. Bâ notes that while these early successes are encouraging, the true measure of their impact will be evident in the long term.
With this new funding, Janngo Capital plans to expand its portfolio, adding 10 to 15 new startups over the next five years, focusing on seed to Series B stage investments. The firm typically takes a 15% to 30% ownership stake in its portfolio companies and they typically invest in startups spanning various sectors, including healthcare, logistics, financial services, retail, agritech, mobility, and the creator economy.
