ANAVA, the fund of funds backed by the World Bank, CDC, and KFW, is excited to announce its commitment to invest €4 Million in Janngo Capital Startup Fund (JCSF), Africa’s largest gender equal technology fund and Janngo Capital Partners’ second investment vehicle.
With a target size of €60 Million, the fund commits to invest in about twenty-five startups in francophone Africa, including Tunisia, targeting 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 Start-ups to improve their access to market & capital, or (3) create sustainable jobs at scale, with a focus on women and youth.
With proven investment track record in Tunisia, including the early investment and successful exit in Expensya, the Fund is backed by top-tier investors such as European Investment Bank (EIB), Africa Development Bank (AfDB) and Proparco, and a €10 million first loss mechanism provided by the European Commission through the Boost Africa initiative.
“This is ANAVA first investment in Pan-African funds. It will help Tunisian Startups to widen its market and its presence in growing Africa and ANAVA to build connections with other global players on the continent” comments Alaya Bettaieb, Director General of Smart Capital.
“An additional 4 million euros equity investment in Janngo Capital Startup Fund from Smart Capital will increase funding for innovative tech startups in Africa, in particular Francophone countries and companies founded by women,” comments Fatoumata Bâ, Founder and Executive Chair of Janngo Capital. “This commitment directly contributes towards investing in leading early-stage start-ups to help unlock a massive growth and positive economic, social and environmental impact, in Tunisia and beyond.”
About the ANAVA Fund of Funds
ANAVA is Tunisia’s first euro-denominated fund of funds. It stands as a key pillar of the national initiative “Startup Tunisia,” with the ambition to position Tunisia as a hub of innovation and startups, within the Mediterranean, MENA, and Africa regions.
With an initial target size of €100 million, including an initial closing of €40 million subscribed by the Caisse des Dépôts et Consignations (CDC) through a loan from the World Bank, and €20 million subscribed by KFW, the fund of funds aims to provide partnering funds with the capability to invest in Tunisian Startups in Tunisia and abroad allowing them to address their growth and internationalization needs.
The fund is managed by Smart Capital, a company authorized by the Financial Market Council (CMF), mandated by the Tunisian government to lead out its national Startup Tunisia program.
About Janngo
Janngo builds, grows and invests in pan-African digital champions with proven business models and inclusive social impact. We believe that technology & capital can leapfrog development and achieve SDGs in Africa.
Janngo Capital operates Africa’s largest gender equal technology fund, investing up to €5m in startups solving key market failures while creating green jobs, particularly for women & youth. Our portfolio companies are 56% female-led, 67% francophone and include soonicorn Sabi and fintech champion Expensya. We operate under a full Alternative Investment Fund Management license with main offices in Abidjan & Paris. We are sector agnostic and our portfolio span across healthcare, logistics, financial services, retail, food & agri, mobility & the creative industry.
Janngo Capital is the recipient of the 2023 Gender Equality Award of the Africa CEO forum.
To find out more: www.janngo.africa
