Serrari Group

World Bank-backed Fund Invests $4.3 Million in Africa's Gender-Equal Tech Initiativ

ANAVA, a fund of funds supported by the World Bank, has pledged €4 million ($4.3 million) into Africa’s Janngo Capital Start-up Fund (JCSF), marking its inaugural investment in a pan-African venture.

The investment aims to bolster approximately 25 early-stage tech startups, primarily in Francophone Africa, with a special focus on Tunisia. Janngo Capital’s mission is to empower tech startups that facilitate access to essential services such as healthcare, education, and financial solutions. Noteworthy is the fact that 56% of Janngo’s current portfolio comprises female-founded and led enterprises, with the fund committing up to 50% of its new investment for initiatives benefiting women.

Alaya Bettaieb, Managing Director of Smart Capital, which oversees ANAVA, expressed confidence in the investment’s potential to amplify the presence of Tunisian startups across the continent while fostering strategic alliances with global stakeholders.

ANAVA, jointly financed by the World Bank, Caisse des Dépôts et Consignations, and KFW, reiterates its commitment to driving sustainable development and innovation in Africa through strategic investments.

This injection of capital not only reflects the World Bank’s steadfast support for initiatives promoting gender equality and technological innovation but also signals a shift towards investment strategies prioritizing ventures with significant societal impact.

As Africa strides towards a digital future, collaborations like these hold promise in unlocking the continent’s vast potential, driving economic growth, and creating a more inclusive and prosperous tomorrow.

Photo Source Google

By: Montel Kamau

Serrari Financial Analyst

28th March, 2024

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