Janngo Capital Closes $78M Fund to Boost African Startups

Team S · 2024-10-30T10:03:42.000Z

- Fund Size: Janngo Capital has successfully closed its second fund at €73 million ($78 million), exceeding its initial target of €60 million by 20%. - Key Investors: The fund attracted significant backing from the African Development Bank Group (AfDB), European Investment Bank (EIB), Mastercard Foundation Africa Growth Fund, ANAVA, and Ashesi University’s endowment fund. - Investment Focus: Janngo plans to invest in 25-40 companies over the next five years, focusing on early to growth-stage startups across sectors like healthcare, fintech, and agritech. - Performance Metrics: The firm boasts an impressive internal rate of return (IRR) of 48% from its exit of Tunisian platform Expensya, which was acquired for approximately $120 million. - Diversity Commitment: Janngo emphasizes gender equality in its investments, with 56% of its portfolio led by female founders and 67% of companies located in French-speaking Africa. - Future Outlook: With over 30 investments across both funds since its inception in 2018, Janngo Capital aims to enhance Africa's startup ecosystem by attracting more local institutional investors.

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Janngo Capital Closes $78M Fund to Boost African Startups | Newnex