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Janngo Capital has reached the final close of its oversubscribed $78 million fund, marking Africa’s largest gender-equal tech Venture Capital (VC) fund

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Janngo Capital

With this fundraising, Janngo Capital becomes the largest venture capital firm accelerating gender equality in Africa

ABIDJAN, Ivory Coast, October 31, 2024/APO Group/ — 

Since inception, the firm has made about 30 investments in 21 startups and has successfully exited the leading fintech company Expensya, achieving an average internal rate of return (IRR) of 48%.

Pan-African venture capital firm Janngo Capital (http://apo-opa.co/3YvuL2W) announces the final closing of its second fund at $78 million, 20% beyond its initial target. This fundraising demonstrates the confidence of leading institutional and private financial investors in Janngo’s team and track record. The firm’s investment thesis strikes the right balance between solid financial returns and tangible impact as evidenced by the successful exit of Expensya to unicorn Medius and by its 56% women-led portfolio companies, such as the soonicorn Sabi (http://apo-opa.co/48vBKxz).

Leading new investors including Mastercard Foundation Africa Growth Fund, DFC, IFC and ANAVA join first close investors

“We are proud to announce the final closing of our second investment vehicle at $78 million, 20% above our initial target pledged in Davos. We are particularly honored to have attracted a great mix of top-tier investors, African and global, institutional and private, impact and commercially driven to support our ambitious vision. Beyond our team, it is a strong signal of confidence in the African tech ecosystem and its solid growth prospects. We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way.” commented Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.”

Janngo Capital Startup Fund’s anchor investors doubled down by reinvesting in this final closing, such as:

– The European Investment Bank (EIB), the world’s largest multilateral development bank, active in 160 countries. “Empowering female entrepreneurs across Africa is crucial for unlocking the continent’s full potential. The European Investment Bank is pleased to support venture capital investment by the Janngo Capital Start-up Fund that is enabling women-led businesses to thrive, innovate, harness technology and create sustainable jobs. By providing access to finance and fostering entrepreneurial talent, we are not only contributing to gender equality but also driving economic growth and resilience across Africa.” – Ambroise Fayolle, Vice President, European Investment Bank ; and,

– The African Development Bank (AfDB), Africa’s largest development finance institution with 81 member countries (54 regional and 27 non-regional).

Additionally, 6 new world-class  investors joined this final closing, such as:

We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way

– Mastercard Foundation Africa Growth Fund – MEDA, an innovative impact fund of funds initiative targeting Africa-based investment vehicles. “Creating secure, dignified, and fulfilling jobs is a priority for Africa’s economic growth,” says Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund. “For Africa to achieve its development agenda, as well as the UN Sustainable Development Goals, innovative and proactive approaches to job creation for women and youth—are essential.” Akyianu adds that The Mastercard Foundation Africa Growth Fund, managed by the Mennonite Economic Development Associates (MEDA), is a first-of-its-kind Fund of Funds anchoring African-focused and domiciled investment vehicles like Janngo. It provides the capital and business development support to invest in SMEs across sub-Saharan Africa, increasing the job-creation potential of African entrepreneurs. Guided by gender-lens principles, the Fund is proud to support Janngo in creating sustainable, inclusive opportunities that empower women and youth, driving the continent’s long-term growth.

– The U.S. International Development Finance Corporation (DFC) is the U.S. government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing developing countries. “DFC is delighted to partner with Janngo Capital Start-up Fund, a commitment intended to support the continued development of the venture capital ecosystem across Africa. Janngo’s approach of leveraging capital and technology nurtures entrepreneurship while fostering economic empowerment. Through DFC’s commitment, this partnership will result in improved access to financial resources, bolster economic stability, and increased job opportunities, especially for women and the youth”, said Senior Vice President of Investments, Mateo Goldman.

– International Finance Corporation (IFC) – a member of the World Bank Group – is the largest global development institution focused exclusively on the private sector in developing countries. “The project will help expand access to early-stage equity financing for tech entrepreneurs in the Francophone West Africa region, which is underserved by venture capital compared with other regions in Africa,” said Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at IFC. “We are delighted to support the fund’s investment strategy through this project, as it intends to allocate 80% of its invested capital in low-income and post-conflict countries and at least half in women-led companies. This investment is part of the IFC Startup Catalyst program, which supports incubators, accelerators, and seed funds investing in innovative early-stage startups in nascent venture ecosystems with capital, mentoring, and networking.”

– ANAVA (Smart Capital), a Tunisian fund of funds backed by the World Bank, CDC, and KFW; and additional private investors such as the leading African university endowment fund.

100% tech, 100% Africa, 100% equal

Janngo Capital Start-up Fund invests up to €5 million, from seed to growth, in technology startups that (1) enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, (2) enable African SMEs to improve their access to market and capital, or (3) create sustainable jobs at scale, with a focus on women and youth.

Janngo Capital, its management company, is one of the very few female-founded, owned and led venture capital firms in Africa. In 2020, the firm made a strong commitment to gender equality, pledging up to 50% of investments in companies founded, co-founded or benefiting women during the World Economic Forum in Davos. In 2023, Janngo Capital won the Gender Equality Award at the Africa CEO forum, in recognition of its 56% portfolio companies founded, co-founded or benefiting women and of its 91% portfolio companies complying with 2X criteria (http://apo-opa.co/48uiPTS).

30+ investments in 21 portfolio companies and a landmark exit

In less than 6 years, the firm has built a portfolio of 30+ investments across its 2 investment vehicles in 14 countries. Its portfolio companies have since expanded in over 20+ countries, spanning across key sectors such as healthcare, logistics, financial services, retail, food & agri, mobility and the creative industry and generating several billion dollars of transactions per year while creating more than 20 000 jobs. Key investments include Sabi (http://apo-opa.co/48vBKxz), a woman-led Nigerian soonicorn, recently named to the world ranking of Fast Company’s (http://apo-opa.co/48pMcH3) Most Innovative Companies. With exponential growth over the last three years, more than 250,000 registered users, 15,000 monthly orders and a revenue that has tripled in 2023 on an annualized basis compared to 2022, Sabi generates more than $1 billion of GMV per year.

The firm has also successfully achieved the exit of Expensya, founded by Tunisian entrepreneurs Karim Jouini and Jihed Othmani, with an average Internal Rate of Return (IRR) of 48%. The sale of Expensya to the Unicorn Medius, a global leader in “CFO as a Service” technology solutions and a key gateway for financial management, represents one of the largest transactions in the MENA region. Over the past two years, Expensya has more than doubled its recurring revenue and expanded its team to over 200 employees across Tunisia, France and Germany. The company had raised $20 million in a Series B financing round in May 2021. Janngo Capital was the first African VC on Expensya’s cap table and has invested at seed and series B.

Distributed by APO Group on behalf of Janngo.

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Exploring new ways of immersive storytelling with the RF-S 7.8mm F4 STM DUAL spatial video lens

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This lens offers a compact and attainable entry point to the world of spatial video – whilst retaining the high optical performance of the EOS R System

DUBAI, United Arab Emirates, November 5, 2024/APO Group/ — 

Canon (www.Canon-CNA.com) today unveils its groundbreaking RF-S 7.8mm F4 STM DUAL lens, designed to make realistic, high-quality 3D still and video creation more accessible than ever before. When paired with an APS-C camera body, this lens offers a compact and attainable entry point to the world of spatial video – whilst retaining the high optical performance of the EOS R System.

It delivers a natural 63 degree field of view, closely mirroring human vision, to create immersive experiences with an extra dimension, providing emotional depth and vivid realism. Currently compatible with the EOS R71 (with potential for gradual expansion of compatibility in the future), the RF-S 7.8mm F4 STM DUAL lens allows creators to capture spatial video to be experienced not only on higher-end VR headsets, but also on smartphones via VR glasses, cardboard headsets, and even handheld viewing devices for printed images.

Perfectly practical weighing only 130g, coupled with a user-friendly STM AF system, it opens up 3D shooting possibilities for stills and video to a wide variety of users, enabling anyone to create more lifelike capture of cultural performances, high-end product reveals or walk-through videos for real estate and hotels in spatial stills and videos.

Adding to a seamless and efficient workflow, the EOS VR Utility app will be updated to create spatial video for Apple Vision Pro headsets, enabling content captured on Canon EOS VR System products to be exported in MV-HEVC codec when using an Apple Mac computer.

For more information about this lens, please visit:  https://apo-opa.co/40wUXNk

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

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Coca-Cola Beverages Africa invests $50 Million in Namibia, boosting production capacity by 30%

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The investment also includes the installation of a water treatment plant with state-of-the-art water recovery technology, designed to reduce water consumption

WINDHOEK, Namibia, November 4, 2024/APO Group/ — 

Coca-Cola Beverages Africa (CCBA) (www.CCBAGroup.com) has invested $50 million in a new bottling line in Namibia, capable of producing 27,000 bottles per hour. This upgrade will increase the plant’s output capacity by 30% and stimulate growth throughout the company’s value chain.

As a customer-centric, digitally enabled, growth-driven business, we are committed to excellence across our value chain

The investment also includes the installation of a water treatment plant with state-of-the-art water recovery technology, designed to reduce water consumption. Additionally, the integration of advanced technology, including artificial intelligence, will require skills training for employees, contributing to the development of a future-ready workforce for both the business and the country.

“We’ve ensured that this production line goes beyond output numbers,” said Pottie de Bruyn, General Manager of Coca-Cola Beverages Africa in Namibia. “It’s about creating shared opportunities across the value chain. The increased production also provides a boost to local businesses that supply us with raw materials and services.”

Sunil Gupta, Chief Executive Officer of CCBA, echoed the sentiment, adding, “This investment is a clear demonstration of our continued belief in the future of Namibia.”

Gupta also highlighted CCBA’s broader goals: “As a customer-centric, digitally enabled, growth-driven business, we are committed to excellence across our value chain. Efficient operations allow us to offer faster delivery and superior service. This new production line is another step in our journey to achieve even greater levels of execution excellence.” 

Distributed by APO Group on behalf of Coca Cola Beverages Africa.

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VistaJet Continues Expansion Plans in East and South Africa

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The African Roadshow Reaffirms Commitment Towards the Region’s Economic Development 

DUBAI, United Arab Emirates, November 4, 2024/APO Group/ — 

VistaJet (www.VistaJet.com), the world’s first and only global business aviation company, is set to organize its first-ever East and South Africa Static Display Roadshow, showcasing its flagship aircraft, the Bombardier Global 7500. The event will commence in Kenya’s capital, Nairobi, followed by a landing in South Africa’s top business centers, Johannesburg and Cape Town.  Nairobi’s positioning as East Africa’s tech and business hub, along with Johannesburg and Cape Town’s role in South Africa’s mature aviation market, have made these cities essential focal points for VistaJet’s growth strategy. The roadshow will engage with prospective and existing clients and the local media, serving as a platform to share VistaJet’s ongoing expansion and dedication to support the region’s economic transformation as set out in the AcFTA agreement. This roadshow follows the monumental success of its West African edition (https://apo-opa.co/3CnKLg3), held earlier in May. 

According to the Middle East and North Africa Business Aviation Association (MEBAA), the number of business jets operating in Africa is expected to grow by 8% annually over the next five years. Currently, there are 418 jets on the continent, with South Africa having the largest business aircraft fleet, followed by Kenya and Nigeria. The ongoing growth of private aviation in Africa has also benefited the continent’s employment rates, with air transport contributing significantly to 7.7 million jobs and $63 billion in Gross Domestic Product (GDP).   

Elsewhere, The 2024 Africa Wealth Report by Henley & Partners (https://apo-opa.co/40yhzxc) reveals that the total investable wealth on the African continent stands at US2.5tn and that the millionaire population is expected to increase by 65% over the next ten years, fueled by strong growth in key sectors such as fintech, business process outsourcing, software development, rare metals mining, green tech, media and entertainment, and wealth management. The ‘Big 5’ wealth markets (https://apo-opa.co/40wbGR6) — South Africa, Egypt, Nigeria, Kenya, and Morocco — collectively account for 56% of Africa’s high-net-worth individuals (HNWIs) and over 90% of its billionaires.  

VistaJet offers the world’s most extensive range of business jets and in the past 14 years it has built a strong African network, transforming business aviation in the region. During the East and South Africa Roadshow, VistaJet will showcase the Bombardier Global 7500, the largest and longest-range business jet and offers unbeatable global connectivity, flying up to 17 hours non-stop. Vista has 18 in the fleet – the world’s largest fleet of Global 7500. Precision-engineered wings provide an exceptionally smooth ride in the large cabin, with four separate living spaces, including a permanent stateroom, this jet is perfectly suited for business or a family dynamic. In the first half of 2024, across Africa, Vista’s Global 7500 flight hours increased +33% – this aircraft is becoming increasingly more popular across the continent.  The Global 7500 is popular for connecting African cities, such as Cape Town to Accra and Johannesburg to Cairo and international routes such as Africa and Asia, demonstrating a strong sentiment to increasing investment between the African and Asian continents (https://apo-opa.co/4fcKzPk).   

An impressive Compound Annual Growth Rate (CAGR) for 20 years has made Vista the largest provider of on demand business flights in the world. And the trajectory is not changing — over the last 18 months, while the private aviation industry as a whole experienced a leveling out in demand following the post-COVID boom, Vista expanded its global footprint and as of July 2024, has gained an additional 50 basis points of total market share year-over-year, with its share of the market rising to approximately 5% of the total market.  With an addressable market of over 24,000 business jets around the globe, as well as broader spectrum of aspirational fliers, there is also significantly more scope and opportunity for the Group to capture further market share over the next two decades.  

VistaJet’s main expansion plan objective is to enhance Africa’s economic growth by increasing regional investments and facilitating overall growth

In 1H 2024, Vista was once again experiencing exceptional growth – with total flight hours up +14% year-over-year – an incredible result, especially when compared to a global market that contracted by 2% over the same period.  

The VistaJet Program membership has been the biggest contributor to this growth, recording +19% growth in Program hours and a +18% increase in number of Members. The first half of 2024 continued this trajectory, marked by: 

  • Double-Digit Growth in Flight Hours: Vista recorded a significant increase in flight hours compared to 1H 2023, a direct result of Vista’s strategic foresight and market understanding. 
  • Membership Surge: 2024 has seen a substantial Membership growth as clients gravitated towards Vista’s flexible subscription-based model, reinforcing Vista’s client-first approach. 
  • Africa Success: The African continent remains a priority market for Vista with impressive growth in the first half of 2024. Africa reported strong flight activity with a +103% increase in the New Program Hours Sold and a +29% increase in total hours flown year-over-year: East Africa specifically experiencing a +46% increase in total hours flown; and South Africa, a +79% increase in total hours flown. 

With over a decade of operations in East and South Africa, VistaJet continues to play a vital role in supporting development in these sub-regions by facilitating global investments and connecting decision-makers, corporations, and business executives. Vista’s global fleet of iconic silver and red jets means its African clients will never be stranded with guaranteed availability in as little as 24 hours’ notice, no matter where they are going in the world. Global coverage, covering 96% of the globe also means knowing how to operate in over 2,700 airports, making journeys to every destination safe and reliable. VistaJet’s flexibility is unparalleled for its expanding African client base.  

Commenting on the business expansion plans, VistaJet’s President of Europe and Africa, Philippe Scalabrini, stated: “Building on the momentum of the West Africa Roadshow, we are pleased to announce the East and South Africa Roadshow.  VistaJet is committed to offering top rate, exclusive services to its extensive client network in this critical region. In response to the growing demand, we have deployed three dedicated aircraft while upholding our exceptional standards. VistaJet’s main expansion plan objective is to enhance Africa’s economic growth by increasing regional investments and facilitating overall growth.” 

VistaJet was founded 20 years ago and has established itself as the world’s leading global business aviation company. With a client base consisting mainly of corporate leaders and Ultra-High-Net-Worth Individuals, VistaJet aims to simplify air travel by offering privacy, reliability, flexibility, efficiency, anonymity, and safety. The Cabin Hosts, trained by the British Butler Institute and MedAire, deliver the highest service standards.  Flying with VistaJet is a better alternative to ownership – offering a lower cost per hour, and a larger coverage area; as well as preferrable to brokerage – due to higher safety, and unique consistency of service; and often commercial – thanks to scheduling flexibility, and non-stop connections across airports around the world.

Distributed by APO Group on behalf of VistaJet.

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