Janngo Capital Surpasses Funding Target, Closing $78M Fund to Fuel African Tech Growth
In a powerful vote of confidence for African tech, Pan-African venture capital firm Janngo Capital has closed its second fund at an impressive $78 million, exceeding its initial target by 20%.
This milestone comes amid significant institutional and private investor interest, signaling robust faith in both Janngo's investment model and the potential of Africa's tech ecosystem to drive development.
Janngo’s unique approach has caught the eye of several high-profile investors. New backers such as the Mastercard Foundation Africa Growth Fund, DFC, IFC, and ANAVA have joined early supporters like the European Investment Bank (EIB) and African Development Bank (AfDB) in placing their bets on Janngo.
“We are particularly honored to have attracted a great mix of top-tier investors, African and global, institutional and private, impact and commercially driven to support our ambitious vision,” said Janngo Founder and Executive Chairwoman Fatoumata Bâ. For Bâ, this represents a broader confidence in the “solid growth prospects” of the African tech scene.
Janngo’s investment strategy, marked by its dual focus on financial returns and impact, has seen tangible success. The fund’s support for women-led ventures has produced standout results, with 56% of portfolio companies headed by female leaders—a rarity in the VC world.
Its recent exit of the Tunisian firm Expensya to unicorn Medius exemplifies Janngo’s model in action, showcasing how African-led startups can achieve remarkable outcomes on the global stage.
The fund’s mission to empower African entrepreneurs aligns with its partners’ goals. “Empowering female entrepreneurs across Africa is crucial for unlocking the continent’s full potential,” said Ambroise Fayolle, Vice President at the EIB. The bank’s reinvestment in Janngo reflects its confidence in the firm’s potential to “enable women-led businesses to thrive, innovate, harness technology, and create sustainable jobs.”
Meanwhile, new investor Mastercard Foundation Africa Growth Fund aims to boost job creation for women and youth across Africa, with Managing Director Samuel Akyianu noting, “Innovative and proactive approaches to job creation for women and youth are essential” for achieving the continent’s development goals.
The $78 million raised will enable Janngo Capital Start-up Fund to invest up to €5 million per company, with a particular focus on firms providing access to healthcare, education, and financial services.
The firm has made over 30 investments across 14 countries, supporting companies like Sabi, a fast-growing, woman-led Nigerian startup. Sabi’s exponential rise has made it a standout in the firm’s portfolio, now generating more than $1 billion in GMV per year with over 250,000 registered users.
Under Janngo’s guidance, portfolio companies have expanded into 20+ countries and generated billions of dollars in annual transactions. With a fresh influx of capital and a track record of success, Janngo is poised to further its vision of economic empowerment.
Looking ahead, Bâ and her team see this close not as an endpoint but as fuel for Africa’s next phase of tech-driven growth.
