Yango Group Initiates $20M Venture Fund to Aid African Startups

As reported, the tech company Yango Group has introduced Yango Venture, a corporate initiative aimed at supporting aspiring startups in sub-Saharan Africa, Latin America, the Middle East, North Africa, Afghanistan, and Pakistan.

The fund aims to make Series B investments in the fields of online-to-offline (O2O), B2B software-as-a-service, and financial technology. As entrepreneurial environments develop in these promising markets, Yango Group also hopes to expand its capital base.

“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 $20M fund

The fund is backed by specialists with notable achievements in developing and expanding products across mobility, entertainment, fintech, AI, and various other fields. As reported by TechPoint, Kabanda Chewe, the Country Head of Yango Zambia, emphasized the country’s significant entrepreneurial potential and Yango’s commitment to serving as more than just an investor.

The fund’s initiation underscores a considerable growth in the group’s operations as it moves beyond its primary aim of adapting global technology solutions for local markets. The company has developed a diverse portfolio that includes the ride-hailing service Yango Ride, the entertainment platform Yango Play, the payment solution Yango Pay, and the navigation service Yango Maps, all of which are available in more than 30 markets globally.

Yango Group’s fund expanding its strategy

By offering financial support and access to its vast expertise and networks, the new fund is in line with the company’s overarching strategy of fostering local innovation. Yango Venture aims to create a sustainable impact in its target areas by backing startups that promote digitalization and economic growth.