JANNGO means ‘future’ or ‘tomorrow’ in fulani. It is the first African Social start-up to build digital ecosystems in high growth sectors by developing customer-centric and value-added services for African customers, enabling African SMEs to scale their enterprises, while creating jobs and empowerment opportunities for youth and women.
It is the brain-child of Senegalese entrepreneur, Fatoumata Ba. She is its founder and CEO. At age 9, she hacked her father’s computer. At 16 she created her very first website. She founded the subsidiary of jumia in Ivory Coast before taking over its reins in Lagos. She has left Jumia to focus 100 percent on Janngo.
At the 50th World Economic Forum (WEF), Davos 2020, Janngo ledged €60M to back African startups. The Venture Capital fund is dedicated to finance tech-enabled startups with the hope of accelerating progress towards Sustainable Development Goals (SDGs) in Africa, with a €15M anchor investment by European Investment Banks EIB. The fund is the first of its kind in Africa and targets at least 50 percent of startups founded, co-founded or benefiting women.
“At Janngo, we believe that talent is equally distributed between men and women but opportunities aren’t; especially in terms of access to capital. That is why we are proud to be a female-led VC fund investing 50% of our proceeds in startups founded, co-founded by or benefiting women ‘’ says Fatoumata BA, Executive Chair of Janngo and Managing Partner of Jaango Capital.
For tech startups in the south-south and South-east Nigeria, this should be an exciting news and highly positive prospect. Funding is a major problem brilliant tech minds and geeks face. There are tonnes of tech ideas in the region and its safe to say ‘techies’ in the region should leverage this opportunity.
“Thanks to the support of the EIB, we will be able to invest between €50 000 and €5 million, from seed through growth stage in startups all across Africa demonstrating the ability to deliver financial and social returns. Every past investment and every startup in our deal flow is mapped against the 17 SDGs; their ability to create jobs for women, for young people and green jobs is also assessed. We act not only as financial partners but as operating partners with a very hands-on and long-term approach as well as an ecosystem thinking. That is why we have engaged with stakeholders sharing the same vision through our partnership with the EIB, our contribution to the WEF conversation on Financing the SDGs during Davos Annual Meeting and our commitment to the Goalkeepers community.
We have a decade to deliver on the Goals and the clock is ticking: we need more than a positive capitalism, we need a stakeholder capitalism” concludes Fatoumata Ba.
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