Pan-African 'Gender-Equal Investor' Janngo Capital Hits First Close of €60 Million Fund

Fatoumata Bâ, a renowned veteran of the African tech space, has made significant strides with her firm Janngo Capital. As the former managing director at Jumia’s Nigerian office and founding CEO of its Ivorian office, Bâ announced in 2019 that her firm was raising a €60 million fund (~$63 million) to invest in companies founded, co-founded, or benefiting women.

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A European Investment Bank (EIB) Anchor Investor

The firm received an anchor investment of €15 million from the EIB and planned to close the fund the following year. However, despite initial challenges, Janngo Capital’s recent first close is noteworthy. It secured €10.5 million from anchor investors, including the African Development Bank Group (AfDB) and Boost Africa last December.

Further Limited Partnerships

The firm has since attracted further limited partners such as Proparco, Burda Principal Investments (BPI), Muller Medien, and an ex-KKR partner, contributing a total of €34 million in capital commitments. Janngo Capital’s statement highlights its commitment to investing in startups that enable Africans to improve their access to essential goods and services and African small and medium businesses to improve their access to market and capital.

Addressing the Gender Funding Gap

Janngo Capital is one of the few female-founded, owned, and led venture capital and private equity firms focused on addressing Africa’s significant gender funding gap. According to reports, women make better entrepreneurs than men, with approximately 58% of Africa’s self-employed population being women and contributing around 13% of the continent’s GDP.

The Importance of Closing the Funding Gap

However, women-only founders received less than 1% of the nearly $5 billion raised by African startups last year. By investing in female-founded and female-led startups, Janngo Capital aims to address this significant funding gap. The firm’s thesis is evident in its backed startups, which have shown promising growth.

Realistic Target for Fund Closure

Janngo Capital targets 2023 as a realistic target for fund closure. Oui Capital, another pan-African early-stage VC firm, recently hit the first close of its $30M second fund. As investment in Africa’s startup ecosystem continues to grow, it is crucial to address the challenges faced by female entrepreneurs.

Janngo Capital’s Commitment

Bâ and Janngo Capital are dedicated to making a positive impact on the African tech space. With their innovative approach to investing in startups that promote women-led growth, they are paving the way for more investment opportunities in Africa.

Key Points

Janngo Capital: Female-founded, owned, and led venture capital and private equity firm focused on addressing Africa’s significant gender funding gap.
€10.5 million: Recent first close from anchor investors, including AfDB and Boost Africa.
Limited Partnerships: Proparco, BPI, Muller Medien, and an ex-KKR partner have contributed a total of €34 million in capital commitments.
Target Fund Closure: 2023 as a realistic target for fund closure.