This marks a significant development for both institutions, with ANAVA making its first investment in a pan-African fund and JCSF bolstering its commitment to supporting female-founded businesses and startups in French-speaking African countries.

The funding will allow JCSF to invest in early-stage technology-enabled ventures with high growth potential.

These startups are expected to create a positive impact on the African economy, society, and environment.

JCSF, established by Fatoumata Bâ, is known for prioritizing investments in companies led by women, with 56% of its current portfolio boasting female leadership.

“This investment is a testament to JCSF’s dedication to fostering innovation across Africa,” said Fatoumata Bâ, JCSF’s Executive Chair.

“The additional funding will empower us to support even more promising tech startups, particularly those led by women and operating in Francophone countries.”

JCSF’s €60 million target corpus aims to support approximately 25 startups.

Recent investments by JCSF include a $4.9 million co-investment in Ivorian healthtech startup Susu (December 2023) and a lead role in a $3 million pre-Series A round for Star News Mobile, a creator monetization platform (October 2023).

ANAVA, managed by Smart Capital, is a pioneering initiative in Tunisia’s startup ecosystem.

With a target size of €100 million, ANAVA seeks to connect Tunisian startups with a broader network of global investors.

“This partnership allows ANAVA to contribute to the growth of promising African ventures while fostering connections with key industry players across the continent,” said Alaya Bettaieb, Director General of Smart Capital.

The fund, which will target up to 30 early-stage climate tech startups across Africa and Europe, raised €8 million (US$8.6 million).

While the initial target in 2022 was set at €30 million (US$32.4 million), Satgana’s founder and General Partner, Romain Diaz, attributed the final amount to challenging fundraising conditions, particularly for first-time funds.

Despite falling short of the initial target, Diaz emphasized the firm’s commitment to “getting this fund right” to establish a strong foundation for future investments.

The secured capital will allow Satgana to fulfill its goal of investing in 30 companies within the first fund, including potential follow-on investments.

The firm prioritizes early-stage startups working on climate change mitigation and resilience solutions across sectors like mobility, food and agriculture, energy, and the circular economy. They typically invest around €300,000 (US$325,000) per startup.

Satgana is among a growing list of VC firms backing African climate tech entrepreneurs.

Established in 2020 by Diaz, who has a decade of experience in the African venture space, Satgana recently appointed Anil Maguru as Partner to lead their African strategy.