The Tunisia-based fund of funds, ANAVA, has invested €4 million ($4.3 million) in the Janngo Capital Startup Fund (JCSF), which targets African startups, particularly those in Francophone countries and those founded by women. This marks ANAVA’s inaugural investment in Pan-African funds and is expected to support the growth and expansion of Tunisian startups that fall within its investment focus.
The funding will be utilized to bolster early-stage startups with strong potential for growth and a potential to contribute positively to the economy, society, and environmental conservation.
The JCSF is spearheaded by Fatoumata Bâ, who serves as its Executive Chair and is also the architect behind Janngo Capital’s second investment mechanism. The fund revealed that as of 2022, 56% of its portfolio companies are female-led, and 54% are Francophone.
Upon securing the equity investment from ANAVA, Fatoumata Bâ stated that the additional €4 million would bolster the funding available for innovative tech startups in Africa, particularly those in Francophone nations and those established by women.
In a series of investments in the latter part of 2023, Janngo Capital asserted its commitment to supporting African startups. In December of that year, Janngo co-invested $4.9 million in Susu, a start-up from Ivory Coast specializing in health tech. In the same month, the firm also co-led a pre-seed funding round for MAKA, a social commerce platform focused on fashion and beauty, raising $2.65 million.
Earlier, in October 2023, Janngo led a pre-Series A funding round garnering $3 million in investment for Star News Mobile, a platform designed to provide monetization opportunities for African creators.
ANAVA, overseen by Smart Capital, proudly stands as Tunisia’s inaugural fund of funds denominated in euros, setting a new precedent in the country’s startup ecosystem. The fund initially aims to accumulate €100 million ($108 million) in investments. In this quest, it has already received significant contributions from the Caisse des Dépôts et Consignations (CDC) and KFW, which have invested €40 million ($43 million) and €20 million ($22 million), respectively.
Alaya Bettaieb, Director General of Smart Capital, commented on their investment in the Janngo Capital Startup Fund, stating that it would aid in the expansion of ANAVA’s global network. Specifically, it would help the fund forge relationships with prominent entities in the global investment scene.
