South African venture capital firm Havaíc has announced the successful second closing of its African Innovation Fund 3, securing an additional $25 million in capital commitments. This milestone brings the firm significantly closer to its target of $50 million, reinforcing its position as a key player in Africa’s early-stage tech investment landscape.
The latest round was notably anchored by Sanlam Multi-Manager, one of South Africa’s largest and most influential financial services groups. This marks Sanlam’s first-ever allocation to the venture capital sector, a move that underscores growing institutional confidence in the continent’s innovation economy. The round also saw continued support from existing investors, including Fireball Capital and the government-backed SA SME Fund.
“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,” said Ian Lessem, Managing Partner at Havaíc. “Our mission is not only to deliver leading returns by backing African-born businesses but also to drive meaningful social and economic impact through our investments.”
Launched in August 2024, African Innovation Fund 3 is Havaíc’s largest fund to date, following its $6 million Fund 1 in 2016 and $20 million Fund 2 in 2020. The firm specializes in investing in early-stage, post-revenue technology companies across Africa that demonstrate strong potential for international scalability.
Sanlam’s investment followed a rigorous due diligence process.
Our evaluation showed that Havaíc has a robust history of successful tech investments in the local market. Their ability to help businesses scale and expand globally is critical to long-term success in the tech sector.”
Sanan Pillay, Head of Private Markets at Sanlam Multi-Manager
The fund is expected to make 15 investments in total. The second close coincides with two new commitments: a $1 million investment in SAPay, a South African payments company, and a follow-on $1 million investment in Sportable, a sports technology firm. These join earlier 2024 investments in NjiaPay, a pan-African payments platform, and SwiftVEE, a livestock trading startup.
With these additions, Havaíc’s portfolio now spans 22 companies across its three funds, reflecting a diverse and growing footprint in sectors ranging from fintech and agritech to healthtech and enterprise software.
The continued backing from institutional investors like the SA SME Fund highlights a broader shift in Africa’s venture capital ecosystem.
Havaíc has leveraged its deep industry expertise, extensive network, and disciplined investment strategy to build a standout portfolio of high-potential startups. Their professional approach and responsiveness to investor needs give us confidence in their ability to deliver.
Claudia Manning, Principal at the SA SME Fund
As Africa’s tech sector matures, firms like Havaíc are playing a pivotal role in bridging the capital gap and providing strategic support to startups aiming for global competitiveness. By backing scalable, innovation-driven businesses, Havaíc is contributing to economic development, job creation, and the digital transformation of the continent.
