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Kenya banks’ assets drop 2.7% to $58.2 billion

Saibu Grace by Saibu Grace
August 6, 2024
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Kenya banks' assets drop 2.7% to $58.2 billion
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The third African-focused venture capital fund, HAVAÍC, has reached its first close of US$15 million. The fund is aimed at raising US$50 million. The South African firm is working with Universum Wealth and the SA SME Fund as key investors.

Leading African venture capital manager HAVAÍC helps high-growth, early-stage African-born technology companies succeed both domestically and globally by investing in and supporting them.

HAVAÍC headquarters is located in Cape Town, its track record for scaling African-born startups internationally is evident by the reach of its portfolio companies, which serve over 20 million customers in 190 countries worldwide. With the US$15 million first close of its new fund, the firm is earmarking a further 15 investments.

Read also: Kenyan Banks Scrap ATMs Amidst Digital Banking Growth

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HAVAÍC targets fintech growth with $25 million second close of African Innovation Fund 3

VC firm HAVAÍC secures $15 million for its third African innovation fund

African Innovation Fund 3 Unlocking Growth for Tech Startups

The African Innovation Fund 3 involves cornerstone investors Universum Wealth and the SA SME Fund, as well as local and international family offices, and will invest in startups between the seed and Series B stages.

The managing partner at HAVAÍC, Ian Lessem, said that their deepening relationship with institutional investors means they 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. They are proud to support positive change in Africa and beyond and appreciate their partners for supporting their vision.

Universum Wealth Endorses HAVAÍC’s investment Expertise

Jonathan Sieff, managing partner at Universum Wealth, expressed his firm’s admiration for HAVAÍC’s exceptional expertise and successful track record. Sieff stated that they are impressed with HAVAÍC’s trademark expertise and proven ability to source compelling opportunities.

He highlighted HAVAÍC’s unique capability to identify and capitalise on attractive investments, which has consistently yielded market-leading returns.

Read also: Risevest acquires fintech company Hisa to enter Kenya

Sieff’s praise for HAVAÍC’s investment acumen is a testament to the firm’s rigorous approach to sourcing and evaluating opportunities. By leveraging their extensive network and industry knowledge, HAVAÍC has established a reputation for delivering exceptional returns on investment.

Universum Wealth’s endorsement of HAVAÍC’s expertise is a significant vote of confidence, underscoring the firm’s position as a leading player in the investment landscape. As HAVAÍC continues to identify and capitalise on promising opportunities, its partnership with Universum Wealth is poised to drive even greater success in the future.

Supporting Ian and his team has been a key part of their client offering. Alternative, uncorrelated assets enable their clients to sensibly diversify their portfolios and generate higher returns over chosen investment time horizons.

Tags: HAVAÍCSA SME Fund
Saibu Grace

Saibu Grace

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