Cape Town-based venture capital firm HAVAÍC has closed an additional $25 million for its $50 million African Innovation Fund 3, bringing the fund’s total commitments to the halfway mark.
- Cape Town-based venture capital firm HAVAÍC has closed an additional $25 million for its $50 million African Innovation Fund 3,...
- Sanlam Multi-Manager led the second close, making its debut investment in South Africa’s growing venture capital scene.
- Sanlam, key Partners signal rising confidence in African VC The participation of Sanlam Multi-Manager, one of South Africa’s largest asset managers,...
- African Innovation Fund 3 Already Fueling Promising Startups HAVAÍC has been quick to deploy capital.
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Sanlam Multi-Manager led the second close, making its debut investment in South Africa’s growing venture capital scene. Other returning backers include Fireball Capital and the SA SME Fund.
The fresh injection aims to scale early-stage, Africa-born startups solving real-world problems and expanding into global markets. With this milestone, HAVAÍC further cements its role as a leading VC player shaping the continent’s innovation economy.
Sanlam, key Partners signal rising confidence in African VC
The participation of Sanlam Multi-Manager, one of South Africa’s largest asset managers, marks a significant shift in institutional interest toward local tech investment.
According to Sanan Pillay, Head of Private Markets at Sanlam Multi-Manager, the decision to back HAVAÍC was driven by the firm’s strong track record and ability to help startups scale internationally.
Fireball Capital and the SA SME Fund, both long-time partners of HAVAÍC, also reinvested, reinforcing confidence in the firm’s disciplined strategy. Claudia Manning of the SA SME Fund praised HAVAÍC’s professionalism and investor-focused fund management approach.
Fund 3 was launched in August 2024 with the target of supporting 15 post-revenue, high-growth startups that deliver measurable social and economic impact. The goal is to drive scalable change through technology across the continent.
African Innovation Fund 3 Already Fueling Promising Startups
HAVAÍC has been quick to deploy capital. Its latest investments include a one-million-dollar lead round into SAPay, a fintech streamlining real-time digital payments for South Africa’s minibus taxi sector—a historically informal market ripe for disruption.
It also made a one-million-dollar follow-on investment in Sportable, a sports tech company building advanced tracking tools, ahead of its Series B round.
These follow earlier 2025 investments in NjiaPay, a pan-African digital payments platform, and SwiftVEE, which digitises livestock trading in rural areas. With these deals, HAVAÍC focuses on fintech, agritech, and digital infrastructure, sectors crucial to Africa’s development.
Across its three funds, HAVAÍC now manages 22 startups reaching over 22 million users in 183 countries. The firm has completed six exits, including the sale of RapidDeploy to Motorola Solutions in February 2025—one of South Africa’s biggest tech acquisitions, and a $100 million merger between hearX Group and U.S.-listed Eargo in April 2025.
HAVAÍC’s fundraise highlights growing maturity in African tech ecosystem
The second close of African Innovation Fund 3 isn’t just about the money. It underscores two major trends: the increasing willingness of African institutional investors to support early-stage innovation, and the rising maturity of local VC firms capable of delivering returns and exits.
HAVAÍC Managing Partner Ian Lessem called the raise a vote of confidence in the firm’s ability to back Africa-born businesses that drive meaningful change.
As the firm prepares to raise the remaining $25 million, it’s clear that Africa’s startup landscape is shifting, gaining traction with investors who once hesitated to take such bets.
With tech talent booming, use cases scaling, and cross-border relevance growing, HAVAÍC’s latest fund signals a new phase for African venture capital, one where homegrown innovation has a clear path from seed to success.