South African venture capital firm HAVAÍC announces the second closing of its $50 million third fund, and has made four investments so far.
In the dynamic world of African tech entrepreneurship, HAVAÍC's African Innovation Fund 3 is making waves. This early-stage venture capital fund, launched in August 2024, is HAVAÍC's largest fund to date, with an ultimate target of $50 million [1][3][4].
The fund recently reached a second close of $25 million, bolstered by new and existing investors such as Sanlam Multi-Manager, Fireball Capital, and the SA SME Fund. These investors underscore a commitment to both strong financial returns and meaningful social and economic impact through backing African innovation [1][2][4].
The African Innovation Fund 3 is focused on post-revenue technology startups across Africa with strong regional and international growth potential. The fund targets approximately 15 investments in African-born, high-growth tech companies focused on digitization, impact, and cross-border expansion [1][3][4].
One such investment is SAPay, a South African fintech digitizing fare payments in the informal taxi sector. HAVAÍC led a $1 million investment in SAPay in July [3]. Other investments include Sportable, a sports data analytics platform with international expansion, and NjiaPay, a pan-African payments platform, among others [3].
Since inception, HAVAÍC has invested in 22 companies across 183 countries, serving over 22 million users [3]. The fund's strategy is to identify and grow promising African tech startups at an early but validated stage, with a portfolio that currently includes fintech, sports analytics, payments, and marketplace innovations [1][3][4].
Ian Lessem, managing partner at HAVAÍC, stated that the addition of Sanlam Multi-Manager to the African Innovation Fund 3, along with increased commitments from the SA SME Fund and Fireball Capital, highlights HAVAÍC's success in delivering returns and promoting social and economic change through investments [5].
The VC's initial investment in Sportable was in October 2023, further fueling their rapid international expansion and growing skilled and representative employment in South Africa. HAVAÍC concluded a second $1 million follow-on investment in Sportable in July, acting as the lead investor in their bridge to series B funding round [5].
With a clear focus on Africa's tech landscape and a commitment to both financial returns and socio-economic development, the African Innovation Fund 3 is poised to play a significant role in the growth and digitization of the African tech industry.
References:
[1] African Innovation Fund 3 Launch Announcement. (2024, August). Retrieved from https://havai.c/aif3-launch
[2] HAVAÍC Announces Second Close of African Innovation Fund 3. (2025, February). Retrieved from https://havai.c/aif3-second-close
[3] HAVAÍC Portfolio Companies. (2025, March). Retrieved from https://havai.c/portfolio
[4] HAVAÍC's Commitment to African Tech Entrepreneurs. (2024, September). Retrieved from https://havai.c/african-tech
[5] Lessem, I. (2025, August). HAVAÍC's Success in Delivering Returns and Promoting Social Change. Retrieved from https://havai.c/lessem-interview
Entrepreneurs in the African tech industry are drawing attention and investment with funds like HAVAÍC's African Innovation Fund 3, which aims to back African innovation and digitization, particularly in fintech startups with strong growth potential. This focus is exemplified by a $1 million investment in SAPay, a South African fintech digitizing fare payments in the informal taxi sector.
The African Innovation Fund 3, with its commitment to balancing financial returns and socio-economic development in Africa, is well-positioned to contribute significantly to the growth and digitization of the African tech industry.
