Saviu Ventures, a prominent player in the venture capital landscape of Francophone Africa, has successfully achieved a second close of €25 million for its second vintage fund, Saviu II. This milestone was made possible through the participation of esteemed Development Finance Institutions (DFIs) such as the Dutch Good Growth Fund (DGGF) and Proparco, along with AXIAN Investment, the investment arm of the AXIAN Group.
With this second closing, Saviu II is poised to continue its mission of supporting talented African founders while seeking to onboard additional investors to reach its ultimate closing target of between €30 million and €50 million. Saviu II serves as the successor to Saviu I, which raised €10 million and was fully invested in some of the most promising startups across Francophone Africa.
Fund Overview and Objectives
Saviu II completed its first close in 2023, securing €12 million from a diverse array of private investors, including European and African entrepreneurs, high-net-worth individuals (HNWIs), and family offices. During this period, Saviu Ventures also obtained its license from the Mauritius Financial Markets Authority (FSC), establishing itself as one of the few independent and fully regulated venture capital fund management companies in the Francophone West African region.
Founded in 2018, Saviu Ventures is led by a seasoned team comprising Benoit Delestre (Managing Partner), who brings over 15 years of entrepreneurial experience, including the establishment and sale of two fintech companies; Samuel Touboul (Managing Partner), an investment professional with 15 years of experience in venture capital and private equity; and Cynthia Mandjek (Principal), a former investor at Eurazeo and Orange Ventures. The team has expanded to include six investors and operators based in Abidjan, Dakar, and Paris.
In line with the investment strategy of Saviu I, Saviu Ventures’ second fund will focus on investments ranging from Seed to Series A in early-stage startups across Africa, with a particular emphasis on Francophone Africa. While Saviu funds are sector-agnostic, they typically target tech or tech-enabled companies in sectors such as FinTech, HealthTech, EdTech, ClimateTech, and E-commerce.
Investment Strategy and Portfolio
Saviu II plans to make investments with ticket sizes ranging from €500,000 to €3 million, acting as either a lead or reference minority shareholder. The fund adopts a hands-on approach, which is a hallmark of Saviu Ventures’ operational philosophy. Unlike many seed funds, Saviu Ventures concentrates on a limited number of high-potential startups, providing comprehensive support in areas such as business development, recruitment, international expansion, and fundraising.
Existing Beneficiaries of Saviu II
Saviu II has already made several notable investments, including:
- Julaya (Ivory Coast): A B2B neobank that offers virtual accounts, batch mobile money transfers, wire transfers, card management, accounting features, and working capital solutions across Ivory Coast, Senegal, and Benin.
- Rubyx (Senegal): A Lending-as-a-Service fintech platform that enables financial and non-financial lenders to identify creditworthy SMEs, manage loans, and track performance using service design and behavioral analytics. It operates in over 10 countries and has processed data from more than 2 million SMEs.
- Waspito (Cameroon): A leading digital health platform that provides online consultations, at-home laboratory services, and a health-focused social network. It has onboarded over 1,300 doctors and reached approximately 1 million users in Cameroon and Ivory Coast.
- Workpay (Kenya): A SaaS HR and payroll solution operating in Kenya and Nigeria, which recently raised $5 million in a Series A round led by Norrsken22, with participation from prominent investors such as Y Combinator and Visa.
- Userguest (Morocco): A revenue and marketing automation software that helps hotels increase direct revenue from their websites and maximize occupancy through personalized messages and incentives. It operates in over 30 countries and has generated more than $100 million in direct revenue for its hotel clients.
- Resolute (South Africa): A coding and robotics learning platform that combines software, physical kits, and teacher training, implemented in over 330 K-12 schools to equip young students with essential digital skills.
Legacy of Saviu I
Saviu I, the predecessor fund to Saviu II, exemplifies Saviu’s “Seed and Build” investment strategy. Launched in 2018, it invested in a dozen startups, primarily in Francophone Africa (82% of its portfolio):
- Anka (formerly Afrikrea, Ivory Coast): A leading SaaS and e-commerce platform that provides sales, payment, and logistics tools for African vendors, which secured a $3.4 million investment from the IFC (World Bank) in 2023, supporting over 23,000 vendors and artisans.
- Lapaire (Ivory Coast): A tech-enabled eyewear retailer that operates nearly 90 branches across six African countries and has tested the eyesight of over 300,000 individuals.
- Zanifu (Kenya): An inventory financing platform that enables small retailers to purchase inventory using working capital loans without collateral or credit history, which raised $11.2 million in 2023.
- Paps (Senegal): An e-logistics startup providing messaging, warehousing, delivery, and freight solutions, which raised over $6 million from various financial and strategic investors.
Future Outlook
The commitment from leading Development Finance Institutions such as DGGF and Proparco, along with corporate actors like AXIAN, marks a significant advancement for Saviu Ventures. This new fundraising initiative will not only enhance the firm’s capacity to identify and support promising startups within the African ecosystem but will also provide the team with strengthened institutional backing and opportunities to create synergies between portfolio companies and corporate investors.
With a combined portfolio of over 20 supported startups and three recent exits, Saviu Ventures aims to deliver substantial returns to both private and institutional investors through a tech investment strategy, co-investment opportunities, and exposure to the growth of the African continent. The second closing of Saviu II at €25 million will empower the Saviu Ventures team to continue its mission of generating impactful results and positive financial returns.
Benoit Delestre, Managing Partner at Saviu Ventures, expressed gratitude for the support from institutional investors, stating;
Their involvement not only validates our investment approach in Francophone Africa but also strengthens our ability to deliver greater value to our portfolio by fostering impactful connections with corporate partners and international organizations. This milestone marks an exciting new chapter in our mission to support talented African founders building innovative and sustainable companies across the continent.
Samuel Touboul, also a Managing Partner, emphasized the significance of institutional support, noting;
This demonstrates that Saviu Ventures is now recognized as one of the leading venture capital funds in the region, operating with the highest standards. We are committed to leveraging our strong presence in Francophone Africa to further invest in the tech ecosystem and provide returns to our investors.
Orsolya Farkas, Head of Funds and Equity at Triple Jump, the consortium partner managing DGGF, stated;
We are very pleased to partner with the Saviu team to support African entrepreneurs and create jobs, in line with the key objectives of DGGF.
Fabrice Perez, Head of Venture Capital at Proparco, added;
We are delighted to invest in Saviu Ventures alongside our trusted partners, DGGF and AXIAN, to further our commitment to innovative African startups that make a difference, in line with our strategy: Acting Together for Greater Impact.
Agnès Beri-Jousselin, Head of Private Equity & VC at AXIAN Investment, concluded;
At AXIAN Investment, we are dedicated to supporting visionary entrepreneurs who drive innovation and create sustainable impact across Africa. Our partnership with Saviu Ventures aligns with our mission to foster the growth of high-potential startups, particularly in Francophone Africa, and contribute to the continent’s dynamic tech ecosystem.
