Abidjan’s Janngo Capital creates $78m fund with money from IFC, EIB, others

By Andrei Skvarsky.

Ivorian technology-focused venture capital firm Janngo Capital has announced the closure of its second fund at $78m, a sum 20 per cent higher that the target, with the International Finance Corporation (IFC) and other key international bodies being among the investors.

Investments also came from the European Investment Bank (EIB), the African Development Bank (AfDB), the U.S. government’s International Development Finance Corporation (DFC) and a Mastercard-controlled fund, the Abidjan-headquartered firm said in a statement.

Janngo invests up to 5m euros ($5.5m) in tech startups, according to the statement.

Since its inception in 2018, the firm has made about 30 investments in 21 startups in over 20 countries. It says its portfolio companies represent a range of key sectors, have been generating several billion dollars of transactions per year and have created more than 20,000 jobs.

A gender-equality activist company, Janngo made a pledge during the World Economic Forum in Davos in 2020 to allocate up to 50 per cent of its investments to companies founded, co-founded by or benefiting women.

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