HAVAÍC, a South African venture capital firm, has announced the US$15 million first closure of its third African-focused venture capital fund, with a target size of US$50 million.
The fund is in partnership with Universum Wealth and the SA SME Fund.
HAVAÍC is a prominent African VC investment manager that invests in and provides support to high-growth, early-stage technology businesses that are created in Africa, enabling them to achieve success on a local and international scale.
The reach of its portfolio companies, which serve over 20 million consumers in 190 countries worldwide, is a testament to HAVAÍC’s success in scaling African-born startups internationally. The company is headquartered in Cape Town.
Cornerstone investors Universum Wealth and the SA SME Fund, as well as local and international family offices, are all involved in the African Innovation Fund 3. The fund will invest in startups that are between the seed and Series B phases.
“Our deepening relationship with institutional investors means we can support more African tech entrepreneurs in scaling into new markets and generating diversified revenue for reinvestment into Africa. A thriving VC ecosystem translates into economic growth and the creation of skilled local jobs. We are proud to support positive change in Africa and beyond, and thank our partners for supporting our vision,” said Ian Lessem, managing partner at HAVAÍC.
Jonathan Sieff, managing partner at Universum Wealth, expressed his firm’s admiration for HAVAÍC’s trademark expertise and demonstrated capacity to identify compelling opportunities that generate market-leading returns.
“Supporting Ian and his team has been a key part of our client offering. Alternative, uncorrelated assets enable our clients to sensibly diversify their portfolios and generate higher returns over chosen investment time horizons,” Sieff said.
The firm is planning to make an additional 15 investments following the US$15 million first conclusion of its new fund.
Read more on Tech Gist Africa:
TurnStay, a South African travel fintech, has raised $300,000 in funding
Orca, a South African startup, has raised $550,000 to combat fraud in emerging markets
Adumo, a South African fintech company, have been acquired by Lesaka for $85.9 million.