Alexander O. Onukwue
Share this article
Multiple funding opportunities are opening up for African startups from various sources, the latest being from Savannah Fund.
The venture capital firm has raised $25 million to invest in early-stage startups across sub-Saharan Africa, with a focus on “supporting women entrepreneurs and disruptive companies in high-growth sectors.”
This $25 million fund is the firm’s second close and has been aptly named “
Savannah Fund II”. Investment into the new fund was led by the International Finance Corporation (IFC) and the Women’s Finance Initiative (WeFi).
Savannah will invest in Kenyan, Nigerian and South African startups that are at the seed to Series A stage. They define the three countries as their “core markets” but plan to expand their portfolio to include startups in Rwanda, Ethiopia, Uganda, Ivory Coast and Ghana.