PR97754

NEW YORK, Sept. 12, 2022 /PRNewswire=KYODO JBN/ --

At the eve of the 77th Session of the UN General Assembly (UNGA), Janngo

Capital Startup Fund (JCSF) has announced its first close at EUR34 million

(approximately US$36 million) in capital commitments. Launched in Davos in

2020, Janngo Capital's latest fund will invest 50% of its proceeds in companies

founded, co-founded, or benefiting women. Backed by global financial

institutions as well as leading private corporations, the fund management

company plans to invest EUR60 million (approximately US$63 million) in startups

leveraging technology to leapfrog development and achieve SDGs in Africa.

100% tech, 100% Africa, 100% equal

Janngo Capital Startup Fund, second investment vehicle of the management

company, will provide up to EUR5 million seed and growth investments to

early-stage tech and tech-enabled startups that (1) enable Africans to improve

their access to essential goods and services such as healthcare, education or

financial services, (2) enable African SMEs to improve their access to market &

capital, or (3) create sustainable jobs at scale, with a focus on women & youth.

Women in Africa are the most entrepreneurial in the entire world with a total

entrepreneurship activity rate of 26%. Yet, they face a $42 billion funding gap

and have very limited access to growth capital. As one of the very few

female-founded, female-owned, and female-led fund management companies in

Africa, Janngo Capital has made a strong commitment to gender equality as it

will invest 50% of its proceeds in companies founded, co-founded, or benefiting

women.

"We are proud to lead Africa's largest gender equal tech VC fund and see major

global investors rally around our vision to back entrepreneurs building digital

champions across Africa. We have built a strong track record in the region

through our first fund with investments in 11 tech & tech-enabled startups,

including the soonicorn Sabi, Expensya or Jexport'', said Fatoumata Bâ, Founder

& Executive Chair of Janngo Capital.

"Our current portfolio companies are 56% women-led, 54% francophone and provide

strong evidence of how these technology champions can positively contribute in

solving key market failures and creating jobs in healthcare, logistics,

financial services, retail, food & agri, mobility or the creative industry.

Janngo Capital Startup Fund will play a critical role in improving access to

early-stage capital for tech entrepreneurs in a more equal way, on a continent

still attracting less than 2% of the global VC fund', adds Fatoumata Bâ.

Proparco, Burda Principal Investments, Muller Medien & asset management

veterans join anchor investors EIB, AfDB & Boost Africa

Janngo Capital Startup Fund is backed by first-class investors with an equal

number of development finance institutions & leading commercial private

investors, including:

Janngo Capital Startup Fund is backed by first-class investors with an equal

number of development finance institutions & leading commercial private

investors, including:

The European Investment Bank (EIB), the world's largest multilateral

development bank active in 160 countries and with a total balance sheet of more

than EUR565 billion as of 31/12/2021;

The African Development Bank (AfDB), Africa's largest development finance

institution with 81 member countries (54 regional and 27 non regional);

Boost Africa, a joint initiative supported by the European Union and led by the

EIB and the African Development Bank (AfDB) with financial support from the

OACPS aiming at unleashing the entrepreneurial potential of African youth

through investment by venture capital funds;

Proparco, the private sector financing arm of the French Development Agency

(AFD Group) with a balance sheet of over EUR7 billion as of 31/12/2021;

Burda Principal Investments (BPI), the growth capital arm of media and tech

company Hubert Burda Media with successful unicorn investments such as Etsy,

Vinted and Carsome;

Muller Medien, a German family-owned media conglomerate; with its New Business

sector, Mueller Medien holds more than 60 startup investments, e.g. Booksy,

UrbanSportsClub & bookingkit;

An ex-KKR Partner & Private Equity veteran with a strong experience in emerging

markets.

"Africa has some of the world's fastest-growing economies and a young,

fast-growing population. We believe we can improve its living standards and

social progress by supporting entrepreneurship and innovation. That is why we

are pleased to partner again with Janngo Capital Startup Fund through our Boost

Africa Initiative," said Ambroise Fayolle, European Investment Bank Vice

President.

Stefan Nalletamby, the African Development Bank's Director for Financial Sector

Development, said "the Janngo Fund can drive the transformation from a more

traditional business ecosystem into a dynamic, youth-driven, and

technology-focused entrepreneurial community. Africa is experiencing rapid

mobile penetration with Android and other platforms. Janngo Start-up Fund

provides huge opportunities to develop innovative and high-growth-driven

start-ups and SMEs and our investment under the Boost Africa Program will help

fill the  severe scarcity of risk capital for the new and upcoming first

generation of venture capital funds targeting early-stage businesses."

"With its investment in Janngo Capital Start-up Fund, PROPARCO, via FISEA +,

the AFD Group facility advised by Proparco and part of the Choose Africa

initiative, is partnering with a fund manager that can bring both essential

financing and strong mentoring to early-stage businesses in Africa with a rare

focus on the Francophone West African region. Proparco is strongly committed to

supporting the new generation of entrepreneurs in Francophone Africa, where

investment for start-ups lags behind their peers in other parts of the

continent. Janngo's innovative approach of operating a start-up studio was also

a key convincing factor, presenting a unique way to incubate businesses that

can overcome gaps in the current local market. Last but not least, we are proud

to partner with a female-led fund manager that seeks to contribute to

diminishing the existing gender gap in terms of start-up financing," said

Jérémie Ceyrac, Head of Private Equity at Proparco.

About Janngo

Janngo builds, grows and invests in pan-African digital champions with proven

business models and inclusive social impact. We build digital ecosystems in

high growth sectors by providing business support and digital platforms

allowing Small and Medium Enterprises (SMEs) to scale and contribute to the

economic empowerment of youth and women through job creation and capacity

building.

For further information: www.janngo.africa [https://www.janngo.com/]

About European Investment Bank

The European Investment Bank (EIB) is the long-term financial arm of the

European Union owned by its Member States. It makes long-term finance available

for sound investment in order to contribute towards EU policy goals.

About African Development Bank

The African Development Bank Group (AfDB) holds that if the fight against

poverty has to be won, there must be improvements in the quality and quantity

of statistical data on all components of development. Reliable data is critical

to setting goals and targets as well as evaluating project impact.  Reliable

data constitutes the single most convincing way of getting the people involved

in what their leaders and institutions are doing. It also helps them to get

involved in the development process, thus giving them a sense of ownership of

the entire development process.

The AfDB has a large team of researchers who focus on the production of

statistical data on economic and social situations. The data produced by the

institution's statistics department constitutes the background information in

the Bank's flagship development publications. Besides its own publication, the

AfDB also finances studies in collaboration with its partners.

Through its statistics department the AfDB is contributing to the effective

development of the statistical capacity and systems of its regional member

countries for the provision of timely and reliable data for policy formulation,

implementation and evaluation as well as the monitoring of progress towards

achieving the Millennium Development Goals (MDGs) and Poverty Reduction

Strategies.

About Proparco

Proparco is the private sector financing arm of Agence Française de

Développement Group (AFD Group). It has been promoting sustainable economic,

social and environmental development for over 40 years. Proparco provides

funding and support to both businesses and financial institutions in Africa,

Asia, Latin America and the Middle-East. Its action focuses on the key

development sectors: infrastructure, mainly for renewable energies,

agribusiness, financial institutions, health and education.

Its operations aim to strengthen the contribution of private players to the

achievement of the Sustainable Development Goals (SDGs) adopted by the

international community in 2015. To this end, Proparco finances companies whose

activity contributes to creating jobs and decent incomes, providing essential

goods and services and combating climate change.

For a World in Common.

For further information: www.proparco.fr/en [https://www.proparco.fr/en] and

@Proparco

About Burda Principal Investments

Burda Principal Investments (BPI) is a European growth investor backing

world-class, consumer-facing digital and technology companies driven by deep

market expertise in areas including marketplaces & platforms, fintech and

innovative digital commerce. BPI is an international and diverse team with 20

investment professionals across offices in Munich, Berlin, London & Singapore.

Born out of leading media and tech company Hubert Burda Media, we also have

access to a wide network of expertise and assets across the globe.

Media contact:

Antonia Gleizes | media@janngo.africa

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SOURCE: Janngo