ImpactAlpha, Jan. 22 – The Capital Startup Fund is the second for Janngo, an Abidjan- and Paris-based tech ecosystem builder and investor (a pilot fund has been deployed in West Africa).
At Davos, Janngo’s Fatoumata Ba announced her intent to marshall €60 million for social enterprises across Africa, at least half of which will be directed toward startups founded, co-founded or benefiting women.
The fund will invest up to €5 million in ventures spanning seed to growth stages. Each investment will be mapped against the 17 Sustainable Development Goals (SDGs) as well as their ability to create jobs for women and young people, said Ba. “We have a decade to deliver on the Goals and the clock is ticking.”
Backers of the fund include the European Investment Bank (EIB), which invested €15 million.
Just 7% of emerging market private equity and venture capital goes to female founders. In Africa, where women have high rates of entrepreneurship, there is an estimated $42 billion funding gap.
Ba, who founded the African tech unicorn Jumia, is among a growing number of women-led or focused funds in Africa and other emerging markets seeking to change those dynamics.