The European Investment Bank (EIB) has announced an additional €10 million ($11.3 million) through a first-loss equity investment in the Janngo Capital Startup Fund, a flagship fund of the Boost Africa project, after the EU-Africa Business Forum.
This funding builds on the EIB’s prior €15 million pledge made in December 2020.
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“We are proud to be the first fund in Africa to be backed by the Boost Africa initiative. We have built a strong track record in the region through our first fund with investments in 11 tech & tech-enabled startups across Africa. Our portfolio companies are 56% women-led and have already positively contributed in solving key market failures and creating jobs in healthcare, logistics, financial services, retail, food & agribusiness, mobility and the creative industry” said Fatoumata Bâ, Founder & Executive Chair of Janngo Capital.
Here Is What You Need To Know
- Janngo Capital Startup Fund will invest in early-stage tech and tech-enabled startups that 1) improve Africans’ access to essential goods and services such as healthcare, education, and financial services, 2) improve African SMEs’ access to market and capital, and 3) create long-term jobs at scale, with a focus on women and youth.
- Boost Africa, a project co-developed by the EIB and the African Development Bank (AfDB) with financial support from the European Commission and the Secretariat of the Organisation of African, Caribbean, and Pacific States (OACPS), aims to unlock the entrepreneurial potential of African youth through venture capital investment.
“Boost Africa shows how Africa and the European Union can work together to build a more prosperous future, accelerate digital transformation and create sustainable growth and jobs to benefit future generations. Working with investment experts across Africa the new EU support, as part of Team Europe, will unlock Africa’s entrepreneurial potential and ensure that innovation improves lives and create opportunities.” said Jutta Urpilainen, European Commissioner for International Partnerships.
“Africa has some of the world’s fastest-growing economies and a young, fast-growing population. We believe we can improve its living standards and social progress by supporting entrepreneurship and innovation. That is why we are pleased to partner again with Janngo Capital Startup Fund through our Boost Africa Initiative” said Ambroise Fayolle, European Investment Bank Vice President.
Boost Africa has helped to improve access to entrepreneurial funding four years after its launch, creating employment and unlocking economic growth across Africa. Targeted financing, technical assistance, and shared best practices for ICT start-up enterprises, wildlife conservation, agribusiness innovation, and entrepreneurs throughout the continent will supplement the EUR 1 billion to be raised under the Boost Africa program.
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Fatoumata Bâ and EIB Vice President Thomas Ostros confirmed the new pan-African startup funding partnership in Brussels ahead of the EU-Africa Summit.
A Look At Janngo
Janngo develops, expands, and invests in pan-African digital champions with successful business models and positive social impact. We create digital ecosystems in high-growth sectors by offering business support and digital platforms that enable SMEs to scale and contribute to youth and women’s economic empowerment through job creation and capacity building.
Janngo Capital invest Janngo Capital invest
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