September 16

Pan-African ‘Gender Equal Investor’ Janngo Capital Hits First Close of €60 Million Fund

By Tage Kene-Okafor

After stints at Jumia as its former managing director at its Nigerian office and founding CEO of its Ivorian office, Fatoumata Bâ, a veteran of the African tech space, announced that her firm Janngo Capital was raising a €60 million fund (~$63 million) in 2019. The firm, looking to “invest 50% of its proceeds in companies founded, co-founded, or benefiting women,” received €15 million from European Investment Bank (EIB) as an anchor investor and planned to close the fund the following year.

Though things didn’t turn out as planned, the fund’s just-announced first close is noteworthy: it received €10.5 million from other anchor investors, the African Development Bank Group (AfDB) and Boost Africa last December. Subsequently, other limited partners such as Proparco, Burda Principal Investments (BPI), Muller Medien and an ex-KKR partner came on board, dropping €34 million in total capital commitments.

Photo courtesy of PICHA.

Source: TechCrunch (link opens in a new window)

gender lens, global development, impact investing, women entrepreneurs