Ex Africa semper aliquid novi
Silicon Valley is getting into Africa. A venture fund started by Silicon Valley high-tech luminaries has raised half of a planned $10m capital sum to invest in early stage companies in Kenya.
The fund, called the Savannah Fund, will put up $25m for 15% stakes in start-up companies.
If the companies look promising after six months, then further tranches worth between $100,000 to $200,000 will be made available.
As well as providing money, the Savannah Fund intends to provide a mentoring network of Silicon Valley and African entrepreneurs to support the start-ups.