In Africa, access to financial support is often challenging for women entrepreneurs. The situation limits the positive impact they can have on continental growth. 

On Monday, September 12, Janngo Capital, an Abidjan-based private equity firm, announced the first close of its fund Janngo Capital Startup Fund (JCSF) at €34 million. The fund is backed by global financial institutions as well as leading private companies.

Its investment strategy will include backing startups that enable Africans to improve their access to essential goods and services and small and medium-sized enterprises on the continent. It will particularly focus on women and the youth. 

“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," says Fatoumata Bâ (photo), founder and executive chair of Janngo Capital.  

According to Janngo's release, “ 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.”

By dedicating half of the proceeds of JCSF  to women-led businesses, Janngo aims to work towards improving equitable access to seed capital for technology entrepreneurs in Africa. The funding to be allocated will range "from EUR 50 000 to EUR 5 million", explains Fatoumata Bâ.

The four-year-old venture capital firm has a particular interest in innovation in French- and English-speaking Africa, in sectors such as health, logistics, financial services, retail, food, agriculture, and mobility.

Janngo Capital claims to have funded 11 startups in Africa, including Sabi, a growing B2B e-commerce platform with a female CEO, and Jexport, an Ivorian online freight marketplace led by a woman, while other startups, such as the fintech Expensya, have male founders.

 Samira Njoya