The ANAVA fund, jointly financed by the World Bank, CDC, and KFW, has announced today its commitment to invest €4 million ($4.3M) in the Janngo Capital Startup Fund (JCSF), the largest gender-equal fund dedicated to technology in Africa and the second investment vehicle of Janngo Capital Partners. With a target size of €60 million, the fund aims to invest in approximately twenty-five early-stage technology startups in Francophone Africa, including Tunisia. These startups aim to (1) facilitate African consumers’ access to essential goods and services such as healthcare, education, and financial services, (2) enable African businesses to improve their market and capital access, and (3) contribute to the creation of sustainable large-scale employment, with a particular focus on women and youth.
Drawing upon a solid track record of investments in Tunisia, including the successful seed investment and exit of Expensya, the fund is backed by leading investors such as the European Investment Bank (EIB), the African Development Bank (AfDB), and Proparco, along with a €10 million first loss mechanism funded by the European Commission under the Boost Africa initiative.
“This marks ANAVA’s first investment in a pan-African fund, which will assist Tunisian startups in expanding their market and presence in a rapidly growing Africa, and will enable ANAVA to forge alliances with other global players on the continent,” commented Alaya Bettaieb, CEO of Smart Capital.
“An additional €4 million investment within the Janngo Capital Startup Fund by Smart Capital will increase funding for innovative technology startups in Africa, particularly in Francophone countries and those founded by women,” remarked Fatoumata Bâ, Founder and Executive Chairperson of Janngo Capital. “This commitment directly contributes to investing in leading early-stage startups and unlocking massive growth potential and positive economic, social, and environmental impact in Tunisia and beyond.”
ANAVA is Tunisia’s first Euro-denominated fund of funds. It is a key pillar of the national initiative “Startup Tunisia,” which aims to make Tunisia a hub of innovation and startups at the crossroads of the Mediterranean, MENA region, and Africa. With an initial target size of €100 million and a first closing of €40 million subscribed by the CDC through a World Bank loan and €20 million subscribed by KFW, the fund ensures that underlying funds can invest in Tunisia and abroad, enabling them to address their financing and internationalization needs. The fund is managed by Smart Capital, a company authorized by the Financial Market Council (CMF), mandated by the Tunisian government to implement its national program, Startup Tunisia.
Janngo creates, develops, and finances Pan-African digital champions combining economic performance with inclusive social impact, believing that technology and capital can accelerate development and the achievement of SDGs in Africa. Janngo Capital operates the largest gender-focused technology fund in Africa, investing up to €5 million in startups offering innovative solutions to market failures while creating massive employment, especially for women and youth. 56% of companies in our portfolio are led by women, and 67% were created in Francophone Africa, such as champions Sabi and Expensya. We operate under a full-AIFM alternative investment fund management license with offices in Abidjan and Paris. We invest across all sectors, and our portfolio covers healthcare, logistics, financial services, retail, agribusiness, mobility, and creative industries. Janngo Capital was the winner of the 2023 Africa CEO Forum Gender Equality Award.
In forging this strategic partnership between Janngo Capital and ANAVA Fund, both entities are not only catalyzing the growth of innovative startups but also paving the way for a more inclusive and vibrant entrepreneurial ecosystem across Africa. With Janngo’s expertise in fostering digital champions and ANAVA’s commitment to nurturing Tunisia’s startup landscape, this collaboration signals a significant step towards achieving economic empowerment and sustainable development goals on the continent.
