HAVAÍC, the African venture capital firm, has successfully closed the second round of its $50 million African Innovation Fund 3, securing an additional $25 million in commitments.
This significant close is led by Sanlam Multi-Manager, one of South Africa’s top financial services groups, and includes follow-on investments from cornerstone backers Fireball Capital and the SA SME Fund.
Strengthening Africa’s VC Ecosystem
This marks Sanlam Multi-Manager’s first major allocation to South Africa’s venture capital sector – a pivotal moment for the local startup ecosystem. The firm’s involvement highlights the increasing confidence of large institutional investors in Africa’s growing tech and innovation economy.
“Our due diligence showed that HAVAÍC has a strong track record in backing high-growth startups and scaling them internationally,” said Sanan Pillay, Head of Private Markets at Sanlam Multi-Manager.
Supporting High-Growth African Startups
Launched in August 2024, African Innovation Fund 3 is targeting 15 early-stage, post-revenue African startups with strong regional and global growth potential. The second close coincides with HAVAÍC’s most recent investments:
- SAPay: A $1 million lead investment into the South African fintech digitising taxi industry payments.
- Sportable: A $1 million follow-on investment to support international expansion of the sports data analytics platform.
These join earlier 2025 investments in NjiaPay, a Pan-African payments platform, and SwiftVEE, a fast-growing digital livestock trading marketplace.
Proven Track Record of Successful Exits
HAVAÍC continues to deliver standout performance across its three funds, with a portfolio of 22 companies serving over 22 million users in 183 countries. Its latest successes include:
- RapidDeploy, acquired by Motorola Solutions, is one of the largest tech exits in South African history.
- hearX Group’s merger with Eargo to form LXE Hearing, which raised $100 million in new funding.
“This second close reflects our strong track record of delivering high returns while creating lasting social and economic value,” said Ian Lessem, Managing Partner at HAVAÍC.
Claudia Manning, Principal at the SA SME Fund, added: “HAVAÍC’s disciplined approach, strong network, and deep expertise have built a portfolio of exceptional African startups.”
Driving Venture Capital Growth in Africa
The announcement underlines Africa’s maturing venture capital industry and the growing institutional appetite for tech-driven, impact-oriented investments across the continent.
