Janngo Capital, a social startup studio based in Africa, has announced the first closing of its $12 million Start-Up Fund.
Janngo Capital manages the Janngo Start-Up Fund, which develops, grows, and invests in tech start-ups with established business models and positive social impact. Its target areas, primarily in Francophone West Africa, include agribusiness, financial services, energy, education, and healthcare.
The Fund is supposed to improve the quality of life for Africans through implementing technology-enabled business models for small and medium firms that address the needs of underserved people.
The Bank’s support for the Janngo Start-Up Fund is in line with its jobs for youth strategy and its commitment to private-sector-led growth and entrepreneurship in African nations.
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The Janngo Fund, according to Stefan Nalletamby, the Bank’s Director for Financial Sector Development, may help convert a traditional company ecosystem into a dynamic, youth-driven, and technology-focused entrepreneurial community.
“With Android and other platforms, Africa is experiencing rapid mobile adoption. This opens up a lot of possibilities for developing creative and high-growth start-ups and SMEs. “However, risk capital for the new and emerging first generation of venture capital funds targeting early-stage enterprises is in short supply,” Nalletamby said.
The African Development Bank contributed $7.9 million, while the European Union and the Organization of African, Caribbean, and Pacific States each contributed $3.9 million.
