The African Development Bank (AfDB) has approved €10.5 million ($11.8m) in investment funds for the Janngo Start-Up Fund, which will promote digital startups in Africa. Janngo Capital manages the fund, which encourages innovation with a social impact focus. Agribusiness, energy, education, and healthcare are among the industries in which investments are made, particularly in Francophone West Africa. Janngo’s headquarters are in Côte d’Ivoire and Paris, respectively.
The AfDB contributed €7 million, while the European Union and the Organization of African, Caribbean, and Pacific States each contributed €3.5 million.
“Africa is experiencing rapid mobile penetration with Android and other platforms. This provides huge opportunities to develop innovative and high-growth-driven start-ups and SMEs,” said Stefan Nalletamby, the AfDB Director for Financial Sector Development.
“But there is a severe scarcity of risk capital for the new and upcoming first generation of venture capital funds targeting early-stage businesses.”
The Janngo Start-Up Fund intends to create jobs for youth and women through small and medium-sized businesses by focusing on the future. It aims to create 900 million employment between now and 2030.
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With 2.2 billion people in Africa by 2050, Janngo CEO Fatoumata BA has stated that an aggressive plan to create jobs and improve quality of life is required.
The Boost Africa Program, a collaboration between the AfDB, the European Investment Bank, and their partners, has taken another step forward with the launch of the new investment fund. It is aimed towards sub-Saharan African start-ups in their early stages.
Janngo Capital fund Africa Janngo Capital fund Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer