South African venture capital (VC) firm, HAVAÍC has announced the second close of its $50 million African Innovation Fund 3, securing $25 million to fuel early-stage, high-growth African-born technology startups with global potential.
The Cape Town–based firm, has already supports companies serving more than 22 million customers in 183 countries.
Recently it made fresh investments in fintech disruptor SAPay, sports analytics platform Sportable, and Pan-African payments provider NjiaPay, alongside livestock trading startup SwiftVEE.
“Welcoming Sanlam Multi-Manager into our Fund 3, along with added commitments from the SA SME Fund and Fireball Capital, is a testament to our track record for not only delivering leading returns by supporting African-born businesses, but also creating meaningful social and economic change,” said Ian Lessem, HAVAÍC’s managing partner.
About HAVAÍC
Headquartered in Cape Town, HAVAÍC has built a reputation for helping African-born startups scale beyond the continent.
Its portfolio now spans 22 companies that collectively serve customers across 190 countries.
The Venture Capital specializes in backing firms between the seed and Series B stages, targeting businesses already generating revenue but seeking capital for regional and global expansion.
The African Innovation Fund 3
Launched in August 2024, the African Innovation Fund 3 is earmarked for up to 15 investments in early-stage, high-growth companies.
Following an initial $15 million first close, the fund has now reached $25 million thanks to major backers including Sanlam Multi-Manager, Fireball Capital, and the SA SME Fund.
The full $50 million target is expected to enable further investments across fintech, agri-tech, and data-driven industries.
Recent Investments
In July, HAVAÍC led a $1 million investment into SAPay, a fintech company digitising payments in South Africa’s taxi industry, a sector that moves millions of commuters daily, aiming to boost efficiency and financial inclusion.
The firm also injected an additional $1 million into Sportable, a sports data collection and analytics startup, supporting its rapid international expansion and job creation in South Africa.
Earlier this year, NjiaPay, a Pan-African payment platform, and SwiftVEE, a fast-growing livestock trading marketplace, also joined HAVAÍC’s growing portfolio.
Why This Matters
HAVAÍC’s latest fund underscores growing confidence in African tech startups with global potential.
With Africa’s digital economy projected to contribute $712 billion to GDP by 2050, according to the International Finance Corporation, the fund’s backers see not only strong financial returns but also broader societal benefits.
Lessem emphasizes the fund’s dual focus on profitability and impact.
“Together, we can continue supporting our continent’s dynamic tech entrepreneurs and grow African VC to new heights.”
Talking Points
HAVAÍC’s $25 million second close of its African Innovation Fund 3 marks a pivotal step in strengthening Africa’s tech ecosystem, showing that well-placed capital can turn African-born startups into global players.
By backing African companies expanding internationally, HAVAÍC is targeting sectors with both high growth potential and deep societal impact.
Yet, challenges remain, from regulatory barriers and infrastructure gaps to sustaining consumer adoption and attracting follow-on funding.
The involvement of major backers such as Sanlam Multi-Manager and the SA SME Fund signals growing institutional confidence in African venture capital, but the true test lies in balancing profitability with meaningful social change.
If successful, HAVAÍC’s strategy could help shift Africa’s image from a frontier market to a global tech innovator.
