Teranga Capital

What Teranga Capital does

Teranga Capital is a Dakar-headquartered impact investment fund incorporated under Senegalese law and founded on March 15, 2016, as the third African fund sponsored by Investisseurs & Partenaires (I&P) under the IPDEV2 strategy. It is the first impact investment fund dedicated to small and medium enterprises in Senegal and Gambia. The firm operates a two-tier product structure: (1) direct capital investments in high-potential SMEs via minority equity participation or long-term shareholder loans, with tickets of 50-300 million FCFA (approximately €75,000-€450,000) and a 4-7 year investment horizon; and (2) five sector- and stage-specific acceleration programs, namely I&P Acceleration in Sahel (EU-funded, 13 countries), I&P Acceleration Technologies (AFD/Digital Africa-funded), I&P Digital Energy (EU/AFD-funded, €4.8M), I&P Acceleration FARM (Proparco-funded, €4M), and CATAL1.5C (GCF/BMZ/GIZ-funded), with seed tickets ranging from 2 to 300 million FCFA.

The firm's revenue model combines program management fees and technical assistance funding from institutional donors (EU, AFD, Proparco, GCF, BMZ, Mastercard Foundation) with long-horizon equity returns from portfolio companies. The shareholder base is a mix of strategic anchor (I&P), Senegalese sovereign wealth (FONSIS), corporate (Sonatel), banking (Societe Generale Senegal), and insurance (ASKIA) investors. Teranga Capital reaches entrepreneurs via direct outreach through the Senegalese and Gambian ecosystems, partner program referrals, and an email-based project submission process with a 4-week analysis turnaround. No proprietary technology product is developed; the offering is financial and advisory services (financing, capacity building, network access, technical assistance) to SMEs. The firm manages a diversified portfolio spanning agribusiness (Fruitales, Lysa & Co, SECAS, Fruits & Berries), energy (Solarbox, Ibriz, Senfrais), transport (Subito, Teranga Automobiles), digital/agritech (Afrikamart, SociumJob), and industry (Fa Confection).

Name

Teranga Capital

Legal name

Teranga Capital

Website

https://terangacapital.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Teranga Capital is a Dakar-based impact investment fund founded in 2016, providing minority equity investments and five acceleration programs to SMEs and startups in Senegal, Gambia, and 13 Sahel-region countries, as part of the I&P pan-African network.

Ownership category

akta.pro rank

Product category

Impact Investment / Private Equity

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)

SIC

Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA), SME Term Loans & Growth Capital (FSAKAGAB), Development Finance & Blended Finance Facilities (BPADAOAD), Climate Finance Funds & Green Investment Facilities (BPADACAH), Climate / Clean Tech & Decarbonization Funds (FSANAJAA)

Keywords

• Impact investment
• SME financing
• Venture capital
• Acceleration programs
• Private equity

Headquarters

HQ city

Dakar

HQ country

Senegal

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others, Technology or R&D

Revenue model

1. Capital Investment Returns: Teranga Capital generates returns through minority equity stakes in portfolio companies. The firm takes minority participation (typically 20-35%) in SMEs with investment tickets between 50-300 million FCFA. Returns are realized through share sales after an investment period of 4-7 years, following the promoter's vision and via mechanisms defined at investment time.
2. Management Fees from Acceleration Programs: Teranga Capital manages multiple acceleration programs (I&P Acceleration in Sahel, I&P Digital Energy, I&P Acceleration Technologies, I&P Acceleration FARM, CATAL1.5°C) as implementing partner, receiving management fees and technical assistance funding from partners including EU, AFD, Proparco, GCF, and BMZ.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Teranga Capital is a private impact investment fund that provides minority equity investments (50-300 million FCFA) and quasi-equity shareholder loans to high-potential SMEs in Senegal and Gambia, alongside active strategic support, capacity building, and technical assistance. The firm also operates five seed/acceleration programs — I&P Acceleration in Sahel, I&P Acceleration Technologies, I&P Digital Energy, CATAL1.5°C, and I&P Acceleration FARM — providing smaller seed tickets and ecosystem support to startups in West Africa.

Product overview

Teranga Capital is a Senegalese private equity and impact investment firm (established 2016) that provides financing and support services for SMEs and start-ups in Senegal and Gambia. The company operates a two-tier product structure: (1) Capital Investment – minority equity participation for high-potential SMEs with tickets of 50-300 million FCFA; and (2) Five seed/acceleration programs – I&P Acceleration in Sahel, I&P Acceleration Technologies, I&P Digital Energy, CATAL1.5°T, and I&P Acceleration FARM – targeting start-ups at various stages with smaller financing tickets. All offerings are advisory and financial services, not technology products.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Investment Minority equity investments and long-term shareholder loans without guarantee for high-potential SMEs in Senegal and Gambia, with investment tickets between 50 and 300 million FCFA. The investment period is 4-7 years, with returns realized through share sales after the investment period.
• I&P Acceleration in Sahel Seed funding program for start-ups and small companies in the Sahel region (13 countries), providing financing between 2 million and 40 million FCFA, combined with technical assistance and ecosystem support. Implemented by Teranga Capital as part of the I&P network.
• I&P Acceleration Technologies Seed funding and technical assistance program for digital start-ups in sub-Saharan Africa, targeting companies not yet having received funding. Funded through the Digital Africa seed fund, part of AFD Group's Choose Africa initiative.
• I&P Digital Energy Seed financing program for start-ups and SMEs offering digital solutions for access to affordable energy in Sub-Saharan Africa, with funding between 60 million and 300 million FCFA. Supports solutions such as solar home systems, nano-grids, mini-grids, renewable energy for productive use, and smart grids. Targets providing new energy access to 150,000 people.
• CATAL1.5°C Acceleration program for start-ups developing innovative solutions to reduce CO2 emissions in West Africa, with seed funding between 23 million and 130 million FCFA. Covers energy access, transport, buildings, cities, industries, forestry, and land use sectors.
• I&P Acceleration FARM Program financing and supporting start-ups and small businesses in the agricultural sector, with amounts between 6.5 million and 65 million FCFA. Covers agricultural product processing, primary agriculture, livestock farming, fish farming, and related services.

Quantifiable outcome

• Supporting companies that collectively employ 74+ people with 35% annual growth rate (SECAS example)
• +3 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)coreStrategic or Co-development PartnerGIZ launched CATAL1.5°C initiative in cooperation with EIT Climate-KIC to finance start-ups developing innovative solutions to reduce CO2 emissions in West Africa.
• EIT Climate-KICminorStrategic or Co-development PartnerEIT Climate-KIC cooperates with GIZ on CATAL1.5°C initiative for climate innovation acceleration in West Africa.
• African Club of EntrepreneursminorOthersPortfolio companies of Teranga Capital have access to the African Club of Entrepreneurs, a pan-African association offering high-value services to entrepreneurs.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Injaro Investments: West Africa-focused impact investment firm with SME private equity exposure across the region. Comparable to Teranga on West African SME mandate but operates at larger AUM and broader geographic scope.

Direct peers

• Comoé Capital: Côte d'Ivoire-based impact investment fund also sponsored by Investisseurs & Partenaires under IPDEV2, providing minority equity and acceleration to SMEs. Closest direct peer — same sponsor, same model, same ticket range, different country.
• Sinergi: Niger-based I&P network impact PE fund supporting SMEs with similar ticket sizes and acceleration programming — sister fund offering direct comparability on model, mandate, and stage.
• Sinergi Burkina: Burkina Faso-based I&P-sponsored impact investment fund focused on SME equity financing — direct peer operating the same playbook in a different Francophone West African market.
• Zira Capital: Mali-based I&P network impact PE fund providing minority equity and capacity-building to SMEs — directly comparable to Teranga in mandate, ticket range, and donor-funded acceleration programming.
• Inua Capital: Uganda-based I&P-sponsored impact investment fund supporting SMEs through equity and quasi-equity. Sister fund in the I&P network with comparable ticket size, structure, and impact mandate.
• Miarakap: Madagascar-based I&P network fund providing SME financing and technical assistance — direct peer replicating Teranga's hybrid capital-plus-acceleration model in another African market.

Emerging players

• WIC Capital: Senegal- and Côte d'Ivoire-based impact investment fund focused on women-led SMEs. Comparable to Teranga in geography and ticket size but narrower segment focus; also an alumni employer of Teranga's analyst Carine Eba.

Broad incumbents

• Bamboo Capital Partners: Global inclusive growth impact PE manager that co-invested alongside Teranga in Afrikamart. Comparable on emerging-market SME/financial inclusion thesis but operates at larger scale and across multiple continents.

Others

• FONSIS (Fonds Souverain d'Investissements Stratégiques): Senegalese sovereign wealth fund and Teranga shareholder that also co-invests in portfolio companies (e.g., SECAS). Not a direct competitor — functions as an LP and co-investor in the same Senegalese SME pipeline.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/terangacapital
• LinkedInlinkedin.com/company/teranga-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments26 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Teranga Capital