Janngo unveils their €60 startup funds

Janngo, on the eve of their participation in the 50th World Economic Forum, reveals that they will be backing technology startups with a €60m Venture Capital fund. According to reports, the fund is dedicated to financing tech-enabled startups in order to accelerate progress towards the Sustainable Development Goals (SDGs) in Africa

The fund is a first of its kind Venture Capital & Impact vehicle investing from seed through growth stage across Africa and targeting at least 50% of startups established, co-founded or profiting women.

This initiative is part of Janngo’s more extensive commitment to financing the SDGs in Africa, as a member of the Goalkeepers Community and the Global Future Council on the New Economic Agenda of the World Economic Forum.

Venture capital to serve as a means to bridge gender inequality to access funding

According to Roland Berger, African women are known to be the most entrepreneurial in the world with a 26% Total Entrepreneurial Rate in Sub-Saharan Africa where they are twice as likely to start a business than elsewhere.

Even at that, there is currently a $42 billion funding gap for women entrepreneurs in Africa according to the African Development Bank. Additionally, the larger the ticket size, the harder it is for women in emerging markets to get access to capital with only 10% of women entrepreneurs able to raise money from Series A vs 49% at the seed stage.

According to the Executive chair and managing partner, Janngo, helps distribute talent equally between men and women and even though the same cannot be said of opportunities, especially as regards to capital. and as such, they are excited to "be a female-led VC fund investing 50% of our proceeds in startups founded, co-founded by or benefiting women" 

The need for a stakeholder approach to accelerate progress towards delivery in the next decade

With a €60 million investment vehicle, 100% dedicated to African startups achieving both economic performance and a social impact, Janngo’s commitment is paving the way for SDGs financing in the Venture Capital space in Africa.

This pool of capital includes a €15 million ticket from the European Investment Bank (EIB), the world’s largest multilateral financial institution and the biggest provider of climate finance.

Entrepreneurship to help as a potent powerhouse to produce satisfactory economic possibilities and generate jobs in Africa

In Africa, only 3 million jobs are created every year when at least 20 to 30 million jobs will be needed to absorb its fast-growing labor force in the coming years. In this context, unlocking entrepreneurship is a critical lever to massively increase the supply of decent jobs and bridge the unemployment gap, both in the formal or informal sector.

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