IFC, a member of the World Bank Group, announced an investment in the Savannah Fund, a technology seed fund in Africa, to increase lending to start-ups across sub-Saharan Africa.

IFC led the fund’s first close investing $3 million in the $25 million fundraising. The Women’s Entrepreneurs Finance Initiative, or We-Fi, invested $500,000. This is Savannah Fund’s second seed fund.

The fund will provide early-stage funding to start-ups in Kenya, Nigeria, and South Africa, with ...