Anava, the fund of funds has committed to invest $4.3 million into Africa’s gender-equal technology fund Janngo Capital Startup Fund. It also is Janngo Capital Partners’ second investment vehicle.
An additional €4 million equity investment in the Janngo Capital Startup Fund from Smart Capital will increase funding for innovative tech startups in Africa, in particular Francophone countries and companies founded by women, said Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.
The fund size is €60 million and aims to invest in over 25 startups across francophone Africa, including Tunisia. The target is on early-stage tech and tech enables startups that ensure Africans have better access to healthcare, financial services, and education, and provide startups in Africa better access to market and capital.
The fund has been backed by the likes of Caisse des Dépôts et Consignations (CDC), the World Bank, and other investors like the KFW, European Investment Bank (EIB), Proparco, and Africa Development Bank (AfDB). It also has a a €10 million first loss mechanism provided by the European Commission through the Boost Africa initiative.
Alaya Bettaieb, the Director General of Smart Capital said this would be ANAVA’s first investment in pan-African funds. Bettaieb added this investment will help Tunisian startups to expand their market presence. .
ANAVA is Tunisia’s first euro-denominated fund of funds. It stands as a key pillar of the national initiative “Startup Tunisia,” with the ambition to position Tunisia as a hub of innovation and startups, within the Mediterranean, MENA, and Africa regions.
With an initial target size of €100 million, including an initial closing of €40 million subscribed by the CDC through a loan from the World Bank and €20 million subscribed by KFW, the fund of funds aims to provide partnering funds with the capability to invest in Tunisian startups in Tunisia and abroad, allowing them to address their growth and internationalisation needs.
The fund is managed by Smart Capital, a company authorised by the Financial Market Council (CMF), mandated by the Tunisian government to lead out its national Startup Tunisia programme.
