Venture capital firm HAVAÍC has reached a second close of $25 million for its African Innovation Fund 3, bringing the fund to mid-way toward its $50 million target.
The fund, launched in August 2024, is designed to back early-stage, post-revenue technology startups founded in Africa with global growth potential. It targets up to 15 high-impact companies operating across sectors such as fintech, healthtech, agritech and data services.
Institutional investors including Sanlam Multi‑Manager and the SA SME Fund participated in the second close, while Fireball Capital joined with follow‑on investment. This marks Sanlam’s first allocation to a venture capital firm in South Africa, highlighting rising confidence in the local startup ecosystem.
In July, HAVAÍC led a $1 million investment in South African fintech startup SAPay, which digitises fare payments in the informal taxi sector. It also made a follow‑on $1 million bridge investment into Sportable, a sports analytics platform targeting international markets. Earlier this year the fund backed pan‑African payments provider NjiaPay and livestock trading digital marketplace SwiftVEE.
Founded in Cape Town, HAVAÍC now manages 22 portfolio companies serving over 22 million users in more than 180 countries. Its previous funds achieved notable exits including the RapidDeploy sale to Motorola Solutions and the hearX Group merger with Eargo.
According to managing partner Ian Lessem, institutional support from leading investors reflects HAVAÍC’s strong track record in generating both returns and social impact through tech investments. He emphasised the fund’s mission: to transform African-born startups into globally scalable enterprises.
With the second close secured, the fund is now preparing for more investments in startups with proven revenue, working to fuel the next wave of tech innovation across Africa and position the continent as a hub of global-scale digital entrepreneurship.
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