Savannah Fund II in line for IFC investment

The International Finance Corporation (IFC) has revealed it is considering an investment of up to $3 million in Savannah Fund II, a venture capital fund that is raising up to $25 million to invest in early-stage technology companies in Eastern and Southern Africa.

The fund will be managed by Mbwana Alliy and Paul Bragiel who have over 25 years’ combined experience investing in frontier markets, having started their first fund in 2012.

IFC will initially invest $1 million at the first close of the fund, and thereafter increase its commitment to up to $3 million if the fund gets to a minimum fund size of $15 million.

This investment will be processed through the IFC Startup Catalyst Programme, a $30 million facility to invest in a portfolio of incubators, accelerators, seed funds, and similar vehicles and structures, through equity and quasi-equity instruments.

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