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Alexander O. Onukwue
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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.
Savannah Fund launches $25M fund to invest in African startups at seed and Series A
Savannah Fund, a pan-African venture capital firm, today announced a $25 million fund as it looks to back more early-stage startups on the continent.
Since launching in 2012, Savannah Fund led by Mbwana Alliy and Paul Bragiel has backed more than 30 startups. Some of its well-known investments include South African car subscription company, FlexClub; Kenyan on-demand logistics company, Sendy; and Nigerian fintech company, Lidya.
Before becoming a VC firm, Savannah Fund started as an accelerator program in Kenya. Startups that got accepted participated in cohorts for three months and received up to $30,000 in funding. However, in 2016, Savannah transitioned into venture capital investing, focusing on seed and Series A stages with $25,000 to $500,000 checks.
The women who coined the expression Surfing the Internet
Surfing
Surfing is a water sport, but in its first decades, the digital world thought outdoor activity could be an excellent way to address a common habit.
Apparently, the expression surfing the internet was introduced by a librarian, and yes, riding waves was an inspiration for the iconic term.
Meet Jean Armour Polly.
In March 1992, the internet was still a very primitive activity.
Still, the Master in Library Science had already published an article called Surfing the Internet on the University of Minnesota Wilson Library Bulletin. In casting about for a title for the article, I weighed many possible metaphors, Jean Polly once wrote.
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