The proposed operation consists of Janngo Capital Startup Fund (the “Fund” or “Janngo”), a new venture capital fund targeting startups operating in the digital and technology sectors in Sub-Saharan Africa, with a focus on West Africa (at least 70%), especially on Côte d’Ivoire (about 50% as an indicative target). The Fund targets total commitments of EUR 60m in total.
The Fund represents one of the first venture capital funds with a focus on West Africa and a significant exposure to Côte d’Ivoire, and raised by a team composed of people who have been entrepreneurs themselves or have held management positions within technology companies.
The Fund will back local start-ups founded and managed by young and local entrepreneurs, and which address local market needs with a high degree of replicability within the region. One of the novelties of the Fund is that it will focus on investee companies that strengthen the market infrastructure through technology, making it easier for local SMEs to do business in terms of exporting (e.g. logistics), making/receiving payments, making online sales, accessing counterparts, etc.
The Fund will be managed by Janngo Capital Partners (the “Fund Manager”), founded by a fully independent team based in Abidjan (Côte d’Ivoire) and Paris. The team is currently made up of ten professionals with strong backgrounds led by a female founder, Fatoumata Ba.
The Fund intends to generate financial returns coupled with a significant developmental impact, especially among youth and women. Janngo will adopt a strong hands-on approach in the portfolio companies, providing support beyond capital. The Fund is expected to comply with the 2X Challenge criteria (gender).
The Fund expects to have a high social impact by targeting start-ups that develop digital platforms providing African SMEs with affordable access to (i) market, (ii) financial services, and (iii) solutions to scale their businesses. The Fund aims to drive economic growth, job creation and affordable access to goods and services, by supporting digital companies in various high growth sectors including: Software as a Service (SAAS), fintech, logistics and media/data.
A first closing took place in June 2022 at EUR 34m (above minimum of EUR 30m). The Fund is currently raising to reach target fund size of EUR 60m.
EIB committed EUR 10m of junior tranche under Boost Africa and EUR 15m of senior tranche. Proparco and the African Development Bank have committed to the Fund. Other Alliance members are invited to consider a potential investment to the Fund.
