Savannah Fund Announces Its First Investment – biNu, A Platform That Brings Smart Apps To Dumb Phones
Savannah Fund, a seed investment fund focused on developing tech entrepreneurs in Sub-Saharan Africa today announced that it participated in a $2 million round into biNu, led by Eric Schmidt of TomorrowVentures and a number of other angel investors.
biNu is a mobile social networking platform that brings smartphone-like experiences to dumb or feature phones and was founded in September 2008 by Dave Turner and Gour Lentel, a Zimbabwean-born entrepreneur based in Australia.
As of July 2012, biNu has 4 million monthly active users with the majority of its users coming from the emerging markets in Africa, Asia and Latin America and aims to reach 10 million active users this year and eventually hit 100 million users over next couple of years.
With over 500, 000 monthly active users from Nigeria already using biNu, the platform is expected to reach 1 million users by the end of this year as there are tens of millions of feature phone and low-end smartphone users in the country that need a much faster and smoother app experience.
Savannah Fund, co-founded by Mbwana Alliy, Paul Bragiel and Erik Hersman is backed and supported by both local, regional and international networks of angels and venture capitalists.