Venture capital firm HAVAÍC has achieved a significant milestone by securing $15 million in commitments for its third African Innovation Fund, representing the initial phase of a targeted $50 million fund. Key investors include cornerstone backers Universum Wealth and The SA SME Fund, supplemented by a diverse group of local and international family offices.
The fund’s strategy is to inject capital into 15 promising African startups at the seed, Series A, and Series B funding stages, focusing on companies with the potential for regional and global expansion. HAVAÍC’s current portfolio already impacts over 20 million customers globally.
This funding round reinforces HAVAÍC’s stature as a prominent player in the African technology investment landscape. HAVAÍC’s investment history boasts substantial achievements, such as a 400% surge in annual revenue and a notable fifth exit in 2023.
Ian Lessem, Managing Partner at HAVAÍC, is optimistic about the fund’s capacity to stimulate economic advancement and employment opportunities across Africa. He highlights the strategic partnerships with institutional investors as a catalyst for scaling African enterprises and fostering societal benefits.
Jonathan Sieff, Managing Partner at Universum Wealth, commends HAVAÍC’s investment acumen and successful track record, expressing confidence in the firm’s ability to generate outstanding returns for their clientele.
Ketso Gordhan, CEO of The SA SME Fund, underscores the synergy between the fund’s objectives and their mission to nurture innovative solutions addressing social issues. She conveys excitement about collaborating with HAVAÍC on this new venture.
HAVAÍC’s recent investment activities include backing Sportable, a sports data and analytics firm, and additional investments in existing portfolio companies such as RNR, RapidDeploy, hearX Group, and AURA.
Portfolio standouts from HAVAÍC have garnered significant accolades, with companies like RapidDeploy, hearX Group, FairMoney, and AURA being recognized by Fast Company as Most Innovative Companies and by the Financial Times as some of the fastest-growing companies in Africa.
