Africa’s first social startup, Janngo, has announced plans to give funding worth $66 million (KSh 6.6 billion) to African Tech Startups.
The fund, dubbed Janngo Capital Startup Fund, is geared towards accelerating progress of tech startups towards attaining the Sustainable Development Goals (SDGs) in Africa.
Additionally, the funding comes alongside a $16.6 anchor investment from the European Investment Bank (EIB). Janngo plans 50% of the funds to finance women-led startups founded or co-founded by women, or benefitting women.
According to African Development Bank. there is already an existing $42 billion funding gap for women entrepreneurs in Africa, something the venture capital startup is trying to bridge.
Janngo is focused on building, growing and investing in pan-African digital champions with proven business models and inclusive social impact. It builds digital ecosystems in high-growth sectors by providing business support and digital platforms allowing Small and Medium Enterprises (SMEs) to scale and contribute to the economic empowerment of youth and women through job creation and capacity building.
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