workers operating machinery inside a modern garment manufacturing facility./Photo;AI
The Africa Jobs Fund (AJF), a philanthropic investment initiative, has been launched to mobilise US$100 million to support the creation of high-productivity jobs across Sub-Saharan Africa and improve long-term income outcomes for workers.
The fund is led by Daniel Yu, founder of Wasoko, and is hosted at Renaissance Philanthropy, a non-profit organisation that designs and manages time-bound philanthropic funds focused on specific development outcomes.
The initiative will invest in businesses expected to generate scalable employment opportunities across the continent.
Over five years, AJF plans to raise US$100 million and contribute to an estimated US$50 billion increase in lifetime earnings for African workers.
The fund’s strategy focuses on backing commercially viable companies capable of expanding employment at scale rather than supporting short-term programmes.
The initiative prioritises sectors identified as key drivers of job creation, including export manufacturing and labour mobility.
These areas are expected to provide structured pathways to employment in markets where informal work remains widespread and formal job creation has not kept pace with population growth.
By 2040, projections show that around 600 million people living in extreme poverty globally will be based in Africa, while only about three million formal jobs are created annually across the continent.
The fund is designed in the context of widening labour market pressures and limited formal employment growth.
AJF will deploy capital into early-stage and growth-stage companies building what it describes as high-employment “pioneer firms.”
These businesses are expected to scale operations and create jobs across manufacturing, services, and cross-border labour markets.
The fund is part of Renaissance Philanthropy, a platform founded by former White House science advisors Tom Kalil and Kumar Garg.
It operates by assembling expert-led, thesis-driven funds designed to address specific development challenges through targeted investment strategies.
The advisory group supporting AJF includes Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave, and Samantha Power, former Administrator of USAID and former US Ambassador to the United Nations.
Additional advisors include professionals from the development finance and technology sectors.
According to Daniel Yu, the fund will focus on supporting companies that expand access to productive employment opportunities across African markets.
The initiative will work with founders building scalable businesses intended to increase workforce participation in higher-income sectors.
Renaissance Philanthropy has described the AJF model as one that combines investment capital with operational expertise to support enterprise growth.
The fund will prioritise job-creation outcomes as its central metric across all supported investments.
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