Yango Group Launches $20M Venture Fund To Support African Startups

Tech company Yango Group has launched Yango Venture, a corporate venture intended to support hopeful startups across sub-Saharan Africa, Latin America, the Middle East, North Africa, Afghanistan, and Pakistan, as stated by Gulf Business.

The fund will target Series B investments in the online-to-offline (O2O), B2B software-as-a-service, and financial technology industries. Yango Group also hopes to grow its capital base as entrepreneurial environments expand in these promising markets.

“With Yango Ventures, we are leveraging our expertise and network to support startups in scaling, thriving, and creating meaningful impact in their communities,” Daniil Shuleyko, CEO of Yango Group, said.

The $20 million Fund

The fund is supported by experts who have significant accomplishments in building and scaling products in mobility, entertainment, fintech, AI, and other areas. Kabanda Chewe, Yango Zambia’s Country Head, highlighted Zambia’s huge entrepreneurial potential and Yango’s dedication to being more than just an investor, according to TechPoint.

The fund’s launch highlights significant expansion in the group’s operation as it extends beyond its central focus of modifying global technology solutions for local markets. The company has created a broad portfolio, including the ride-hailing service Yango Ride, the entertainment platform Yango Play, the payment solution Yango Pay, and the navigation service Yango Maps, all available in over 30 markets worldwide.

Yango Group’s fund broadening its strategy

The new fund aligns with the company’s broader strategy to create local innovation by providing financial backing and access to its extensive expertise and networks. Yango Venture intends to produce a sustainable impact within its target regions by supporting startups that drive digitalization and economic development.

Image: Yango