Africa's tech sector has seen rapid growth in the past decade. This led to a surge in the number of investment vehicles to support its expansion.  

Anava, a Tunisian fund of funds, announced on Monday its €4 million ($4.4 million) investment in Janngo Capital Startup Fund (JCSF), a fund focusing on African technology. Anava, a €60 million ($66 million) fund, is financed by the World Bank, Caisse des Dépôts et Consignations, and KFW.

The investment aims to support approximately 25 seed-stage startups in healthtech, fintech, and edtech sectors across French-speaking Africa. The goal is to enhance market and capital access for African businesses, create sustainable jobs at scale, and prioritize women and youth.

Fatoumata Bâ, founder and executive chairman of Janngo Capital, said the investment would directly contribute to unlocking massive growth and positive economic, social, and environmental impact in Tunisia and beyond.

The investment comes amid a decline in funding for Africa’s technology sector. In 2023, startups on the continent attracted less capital than in 2022. According to the United Nations Development Programme, 89% of the venture capital in Africa’s tech ecosystem is foreign. Several African funds have been launched this year to improve startups’ access to finance.

In 2023, African startups raised $1.8 billion, a 40% decrease from the $3 billion raised in 2022.

Adoni Conrad Quenum