ANAVA, a fund of funds backed by the World Bank, is investing €4 million ($4.3 million) in Africa’s Janngo Capital Start-up Fund (JCSF).

The investment in the gender-equal tech fund in Africa will benefit around 25 early-stage tech start-ups across Francophone Africa, including Tunisia, according to Africa News Agency.

Janggo Capital seeks to support tech start-ups that enable Africans to improve their access to essential goods and services, such as healthcare, education and financial services.

Its current portfolio is 56% female-founded and led. It intends to invest up to 50% of its new fund in start-ups that are founded, co-founded or benefiting women, according to its website.
The investment is a first for ANAVA in a pan-African fund.
“[The investment] will help Tunisian start-ups expand their market and presence in a growing Africa, and will allow ANAVA to forge alliances with other global players on the continent,” said Alaya Bettaieb, Managing Director of Smart Capital, which manages ANAVA.

ANAVA is jointly financed by the World Bank, Caisse des Dépôts et Consignations and KFW.

(Writing by Cleofe Maceda; editing by Seban Scaria)