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In West Africa, support for innovative start-ups and entrepreneurship

Project

Investment funds

Signature date
Location
Côte d'Ivoire, Multi-country Africa
Financing tool
Equity investment
Financing amount (Euro)
5000000
Financing details
EUR 5m Equity Investment
Customer
Janngo Capital Startup Fund SLP
Type of customer
Investment fund
Country of headquarters
France
Project number
IZZ1097
Environmental and social ranking
IF-C
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This information is given at the time of signature, without prejudice to any developments in the operation/project.

Proparco invests via FISEA+ in the Janngo Capital Start-ups Fund, which aims to support pan-African technology start-ups, particularly women owned and led.

Client presentation

JCSF is a 33 million euros fund (at first closing) with an innovative strategy combining an in house development of new businesses with a start-up studio model and investments in early stage companies from seed stage up to the series B, predominantly in Francophone West Africa. JCSF aims to boost an underserved ecosystem for early stage businesses, while targeting high potential sectors that aim to improve infrastructure and services for local businesses and individuals.  JCSF targets three specific axes. The first one is providing access for African consumers to quality and affordable services, products and content. The second axe is enabling SMEs to grow their businesses through relevant and affordable services and access to market. Finally, creating sustainable jobs at scale, with a focus on women and youth.

The fund focuses on innovative business models with high growth potential, like customer discovery apps, e-commerce, media websites, fintech, B2B SaaS and services marketplaces.

Project description

Proparco financed JCSF up to 5 million euros through AFD's facility FISEA+, in 2022, in collaboration with the European Investment Bank (EIB) and the African Development Bank, both through their Boost Africa program financed by the European Union.

Project impact

The project creates impact on several levels:  

  • Support to 24 innovative SMEs mainly in the sector of IT services, logistics, finance, e-commerce, education, transports and health sectors. 
  • Sustaining nearly 380 direct jobs at the investees’ level including 38% of women and around 700 indirect (at the supply chain level) in Africa.
  • Support the digital transition in the region and help create skilled jobs. 
  • Support to women entrepreneurs in the region with the intention to commit 50% of the total funds towards women-led businesses.

The project contributes to the Sustainable Development Goals (SDGs): SDG 8 ("decent work and economic growth"), SDG 9 ("innovation and infrastructure") and potentially SDG 5 ("gender equality").