Startups ‘critical’ for Africa’s digital economy growth, IFC invest $3m
The International Finance Corporation (IFC) on March 10 announced that it would be investing $3-million towards the $25-million goal of fundraising for Africa-focused technology seed fund, the Savannah Fund, to increase lending to startups across sub-Saharan Africa with a focus on supporting women entrepreneurs and disruptive companies in high-growth sectors.
The IFC led the fund’s first close with its investment, and the Women’s Entrepreneurs Finance Initiative (We-Fi) invested $500 000.
This is the Savannah Fund’s second seed fund.
The fund will provide early-stage funding to startups in Kenya, Nigeria and South Africa, as well as potentially in Rwanda, Ethiopia and Uganda, Côte d'Ivoire and Ghana.
The fund will invest in companies that support development at the bottom of the pyramid in sectors including fintech, education, logistics and e-commerce, healthcare and agricultural technology.
"Savannah Fund II will continue its long-term mission to partner with ambitious founders building startups that will scale across Africa. We're especially bullish on startups that have the potential to scale beyond the continent and that can expand into Silicon Valley and emerging markets like South East Asia, Central and Eastern Europe and Latin America," says Savannah’s managing partner Mbwana Alliy.
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