Release date: 18 March 2019
Promoter – Financial Intermediary
PRIVATE ENTITY(IES)Location
Description
The proposed operation consists of an equity participation of up to EUR 12.5m in a venture capital fund targeting African technology startups. The Fund will have a focus on West Africa.
Objectives
The proposed operation concerns a participation in the Janngo Capital Startup Fund, a closed-end venture capital fund with a target size of EUR 50m. The fund will be set up to support new startups in the digital and technology sectors (high-tech companies), with a main focus on Sub-Saharan Africa. The fund's strategy is to generate returns through an active hands-on approach of the Janngo team in the portfolio companies. The Janngo team will seek to create value through an active management approach leveraging their entrepreneurial background to drive the growth and profitability of portfolio companies while building capacity in terms of business management, corporate governance as well as environmental and social standards.
Sector(s)
- Services - Financial and insurance activities
Proposed EIB finance (Approximate amount)
EUR 15 million
Total cost (Approximate amount)
EUR 60 million
Environmental aspects
The fund's operational guidelines provide for environmental and social due diligence of investee companies according to guidelines acceptable to the Bank.
Procurement
Not applicable.
Status
Signed - 18/12/2020
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).