Pan-African venture capital firm Janngo Capital has successfully closed its second fund at €73 million, surpassing its initial target of €60 million. This milestone marks a significant boost to the African startup ecosystem, which has historically received a disproportionately small share of global venture capital funding.

The oversubscribed fund saw participation from prominent institutional investors, including the African Development Bank Group, European Investment Bank, and the U.S. International Development Finance Corporation, among others. Notably, the fund also attracted local institutional investors, such as the Mastercard Foundation Africa Growth Fund and the endowment fund of Ghana-based Ashesi University.

Janngo Capital's founder and executive chair, Fatoumata Bâ, emphasized the importance of attracting local capital to support African startups, citing the continent's significant population and growth potential. The firm's focus on backing female founders and startups in diverse sectors, such as healthcare, logistics, and agritech, sets it apart from other venture capital firms.

With an impressive internal rate of return (IRR) of 48% from its previous exit, Janngo Capital is poised to generate strong returns for its limited partners while driving impact in the African startup ecosystem. The firm plans to invest in an additional 10-15 companies over the next five years, expanding its portfolio to 25-40 startups.

This development is a significant win for the African startup community, as it demonstrates the potential for local venture capital firms to attract significant funding and drive growth in the region.