South Africa-focused technology incubator Savant has reached a first close for its debut venture fund, which will invest in technology hardware businesses. SA SME Fund, an impact-focused investment vehicle backed by 48 Johannesburg Stock Exchange-listed companies, committed ZAR100 million (approximately USD7 million) to the venture fund and an additional ZAR10 million (approximately USD730,000) to a parallel seed fund. Half of SA SME Fund’s commitment will be used to invest in businesses owned by black South Africans.