Janngo unveils its €60m Janngo Capital Startup Fund for fintechs in Africa
Janngo has unveiled its 60€ million Janngo Capital Startup Fund to back technology startups founded, co-founded or benefiting women.
Janngo Capital Startup Fund is part of Janngo’s broader commitment on financing the SDGs in Africa, as a member of the Goalkeepers Community and the Global Future Council on the New Economic Agenda of the World Economic Forum.
Fatoumata BA, Executive Chair of Janngo and Managing Partner of Janngo Capital, said,” “At Janngo, we believe that talent is equally distributed between men and women but opportunities aren’t; especially in terms of access to capital. That is why we are proud to be a female-led VC fund investing 50% of our proceeds in startups founded, co-founded by or benefiting women.”
African women are 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 seed stage.
With a €60 million investment vehicle 100% dedicated to African startups achieving both an 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.
“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,” concluded BA.
Article referenced from www. techmoran.com ( https://techmoran.com/2020/01/20/janngo-unveils-its-e60m-janngo-capital-startup-fund-for-fintechs-in-africa/ )