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Janngo, an African social startup studio, has launched an investment vehicle named Janngo Capital Fund, worth €60 million to back female-led African startups leveraging technology to achieve the Sustainable Development Goals (SDGs).

The fund is the first of its kind Venture Capital & Impact vehicle investing from seed through growth stage across Africa and targeting at least 50% of startups founded, co-founded or benefiting women.

Over the years,  African women have been known to be the most entrepreneurial in the world with a 26% Total Entrepreneurial Rate in Sub-Saharan Africa where they are twice as likely to start a business than elsewhere. Yet, there is currently a $42 billion funding gap for women entrepreneurs in Africa according to the African Development Bank.

Additionally, the larger the ticket size, the harder it is for women in emerging markets to get access to capital with only 10% of women entrepreneurs able to raise money from Series A vs 49% at the seed stage.

With a €60 million investment vehicle which is 100% dedicated to African startups achieving both economic performance and a social impact, Janngo’s commitment is paving the way for SDGs financing in the Venture Capital space in Africa.

This pool of capital includes a €15 million ticket from the European Investment Bank (EIB), the world’s largest multilateral financial institution and the biggest provider of climate finance.

“Thanks to the support of the EIB, we will be able to invest between €50 000 and €5 million, from seed through growth stage in startups all across Africa demonstrating the ability to deliver financial and social returns.

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“Every past investment and every startup in our deal flow is mapped against the 17 SDGs; their ability to create jobs for women, for young people and green jobs is also assessed.

“We act not only as financial partners but as operating partners with a very hands-on and long-term approach as well as an ecosystem thinking.

“That is why we have engaged with stakeholders sharing the same vision through our partnership with the EIB, our contribution to the WEF conversation on Financing the SDGs during Davos Annual Meeting and our commitment to the Goalkeepers community.

“We have a decade to deliver on the Goals and the clock is ticking: we need more than positive capitalism, we need stakeholder capitalism” concludes Fatoumata BA, Executive Chair of Janngo and Managing Partner of Janngo Capital.

Janngo was launched by former CEO of Jumia, Fatoumata BA, towards the end of last year to invest mainly in female-led African startups.

Musa Suleiman
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