Janngo Capital, a venture capital firm, has closed its second fund at $78 million, exceeding its initial objective by 20% due to increased interest from international investors in Africa.

New investors include Mastercard Foundation Africa Growth Fund, DFC, IFC, and ANAVA, in addition to the original close investors.

The European Investment Bank and the African Development Bank, two of Janngo Capital Startup Fund's anchor investors, increased their stake in this final round of funding.

Janngo Capital Start-up Fund invests up to €5 million, from seed to growth, in technology startups that (1) enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, (2) enable African SMEs to improve their access to market and capital, or (3) create sustainable jobs at scale, with a focus on women and youth.

In less than 6 years, according to the firm, it has built a portfolio of 30+ investments across its 2 investment vehicles in 14 countries.

The venture capital firm added that its portfolio companies has since expanded into over 20 countries, spanning key sectors such as healthcare, logistics, financial services, retail, food and agriculture, mobility, and the creative industry, and generating several billion dollars in transactions per year while creating more than 20 000 jobs.

The company announced the closure of the current fundraising yesterday, citing the trust of key institutional and private financial investors in Janngo's team and track record.

It also said the firm's investment strategy hits the proper combination between excellent financial returns and tangible impact.

“We are proud to announce the final closing of our second investment vehicle at $78 million, 20% above our initial target pledged in Davos. We are particularly honored to have attracted a great mix of top-tier investors, African and global, institutional and private, impact and commercially driven to support our ambitious vision.

“Beyond our team, it is a strong signal of confidence in the African tech ecosystem and its solid growth prospects. We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way.” commented Fatoumata Bâ, founder and executive chair of Janngo Capital.