ANAVA, a Tunisian fund of funds managed by Smart Capital, has committed a significant investment of $4.3 million to the Janngo Capital Startup Fund (JCSF). JCSF is a technology fund dedicated to supporting early-stage ventures across Africa, with a particular emphasis on promoting gender equality within the tech sector.
This investment represents the second funding vehicle launched by Janngo Capital Partners. The JCSF has a target corpus of €60 million, earmarked to support approximately 25 early-stage tech-enabled startups in French-speaking Africa, including Tunisia. The fund prioritizes investments in ventures that enhance access to essential services like healthcare, education, and financial inclusion.
"This investment marks a pivotal moment for ANAVA," remarked Alaya Bettaieb, Director General of Smart Capital. "By strategically allocating resources to pan-African funds like JCSF, we can empower Tunisian startups to expand their market reach and forge connections with key industry players across the continent."
JCSF extends its support beyond mere financial backing. The fund actively works to strengthen the operational capacity of its portfolio companies by facilitating access to markets and capital. Notably, the fund prioritizes investments in ventures that create sustainable job opportunities, with a specific focus on empowering women and youth. The JCSF boasts a robust institutional backing, including prominent organizations such as the World Bank, the African Development Bank (AfDB), and the European Investment Bank (EIB).
This strategic investment will be further bolstered by an additional €4 million equity investment from Smart Capital directly into Janngo Capital. This allocation, as highlighted by Janngo Capital founder Fatoumata Bâ, will serve to further propel innovative tech startups, particularly those led by women or operating within Francophone countries.
"This commitment transcends mere financial investment," stated Bâ. "It signifies a resolute focus on fostering future growth. By nurturing these early-stage startups, we aim to unlock significant economic potential and generate a positive social and environmental impact, not just within Tunisia, but throughout Africa."
ANAVA holds the distinction of being Tunisia's first euro-denominated fund of funds and serves as a cornerstone of the national "Startup Tunisia" initiative. This ambitious program envisions Tunisia as a burgeoning hub for innovation and entrepreneurship, serving as a beacon for the broader Mediterranean, Middle East, and North African region.
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