Savannah Fund, Africa’s technology seed fund, announced today a $25 million fund to invest in early-stage startups across Sub-Saharan Africa.
With a focus on women entrepreneurs and disruptive companies in high-growth sectors.
However, this first close was led by the International Finance Corporation, a World Bank Group member.
Alongside, with participation from the Women Entrepreneurs Finance Initiative.
Tim Draper of Draper Associates and Visa Forsten, co-founder of Supercell, are two other investors.
UMA, a Senegalese venture studio, also took part.
The fund will focus on Series A investments in core markets like Kenya, Nigeria, and South Africa.
But with an eye toward expanding to emerging hubs in East Africa such as Rwanda, Ethiopia, and Uganda.
As well as West Africa’s Ivory Coast and Ghana.
Fintech, education, logistics/e-commerce, SaaS, healthcare, agriculture, and innovation are all important investment sectors.
Savannah Fund will continue its long-term mission of partnering with ambitious founders.
In order to build startups that scale across Africa, according to Mbwana Alliy, managing partner of Savannah Fund.
“Entrepreneurs in Residence, particularly female founders, are a key part of our investment strategy,” Mbwana continued.
“We’re incredibly bullish on startups with the potential to scale beyond the continent.
Such as those that can expand into Silicon Valley and emerging markets like South East Asia, Central and Eastern Europe, and Latin America,” General partner of Savannah Fund, Paul Bragiel said.
Savannah Fund, which is led by Mbwana Alliy and Paul Bragiel, is one of the first sub-Saharan African-focused tech venture capital firms.
Having launched its first accelerator program in Kenya in 2012. It switched entirely to Seed/Series A investments in 2016.
It has so far invested in 31 companies in seven African countries.
Savannah Fund’s portfolio raised a record $118 million in 2020 across Series A, B, and C investments.
With over 1,000 tech employees and a few companies based in the United States, Europe, and Latin America, as well as Africa.