Janngo Capital, a Pan-African venture capital firm, has raised €73 million in its second funding round, exceeding its initial €60 million target. With support from notable investors such as the African Development Bank (AfDB) and the European Investment Bank (EIB), Janngo’s fund is geared toward empowering African entrepreneurship, with a specific focus on small and medium-sized enterprises (SMEs) and initiatives that drive job creation for youth and women across the continent.
Janngo’s founder and executive chair, Fatoumata Bâ, emphasizes that sustainable economic growth in Africa requires robust ecosystems that integrate digital platforms with comprehensive training programs for workforce development. “We’re not just funding businesses; we’re cultivating an environment where African enterprises can thrive, create jobs, and build economies,” Bâ notes.
Targeted Support for Africa’s SME Sector
SMEs are the backbone of Africa’s economy, contributing 17% of the continent’s GDP and employing 85% of the workforce. However, these businesses often face funding challenges and limited resources that hinder growth. Janngo addresses these obstacles by offering capital, digital tools, and training to African SMEs, helping them streamline operations, access broader markets, and achieve financial stability.
By providing funding and resources, Janngo enables SMEs to scale sustainably, strengthen supply chains, and boost their market presence. This approach not only supports individual businesses but also contributes to the wider economic development across African nations, positioning Janngo as a leader in facilitating business resilience and growth.
Empowering Women Entrepreneurs in Africa
One of Janngo’s core missions is to bridge the gender gap in African entrepreneurship. Africa has one of the world’s highest rates of female entrepreneurship, yet only a small fraction of global venture capital funding reaches female founders. Janngo’s portfolio reflects its commitment to gender inclusivity, with investments in female-led businesses like Nigeria’s B2B e-commerce platform, Sabi. Bâ believes that investing in diverse founders and a range of industries, beyond the traditionally funded fintech sector, is essential for fostering long-term growth.
Through these efforts, Janngo not only supports the next generation of African female entrepreneurs but also contributes to a more inclusive venture capital landscape, aligning its investment strategy with the growing movement for gender diversity in the African startup ecosystem.
Expanding Reach and Impact: A Multisectoral Approach
Janngo’s strategy extends across various sectors crucial for Africa’s economic resilience, including healthcare, financial services, agritech, and logistics. Its team, equipped with expertise in technology, marketing, and environmental, social, and governance (ESG) practices, works closely with portfolio companies to maximize impact. By adopting a “hands-on” approach, Janngo supports companies in refining product development, achieving market fit, and expanding their reach across regions.
With a presence in Abidjan, Mauritius, Tunis, and Paris, Janngo plans to fund 25 to 40 companies over the next five years, a significant increase from its initial goal of supporting 25 enterprises. By investing between €150,000 and €5 million, Janngo ensures that startups across stages—Seed to Series B—can access essential capital and resources for scaling.
Success Stories: Expensya and Sabi
Janngo’s proactive support for its portfolio companies has already led to remarkable outcomes. Tunisian expense management platform Expensya, for example, secured a ~$120 million acquisition, highlighting the firm’s success in facilitating growth and favorable exits. Similarly, Nigerian B2B e-commerce platform Sabi, another Janngo-backed venture, has achieved approximately $1 billion in annual gross merchandise volume, showcasing the impact of Janngo’s strategic guidance and investment.
These high-profile exits underscore the expanding opportunities in Africa’s startup ecosystem and demonstrate the returns possible with impactful venture capital. By fostering successful African enterprises, Janngo is capturing investor interest and establishing Africa as an increasingly attractive destination for venture capital.
A Vision for Africa’s Digital Economy
Janngo Capital’s €73 million fund exemplifies a powerful vision: building Africa’s digital economy by investing in resilient, innovative businesses that drive growth and inclusion. Through its support for SMEs, commitment to gender inclusivity, and strategic multisectoral investments, Janngo is strengthening Africa’s position in the global tech landscape and paving the way for a more prosperous, self-sufficient future.
