South African venture capital firm HAVAÍC has announced the second close of its $50 million African Innovation Fund 3, securing $25 million in fresh commitments. This raise was led by a landmark investment from Sanlam Multi-Manager with the participation of Fireball Capital and the SA SME Fund.
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“This commitment is a testament to our track record in delivering strong returns while supporting high-impact African startups,” said Ian Lessem, Managing Partner at HAVAÍC.
Launched in August 2024, the third fund is targeting up to 15 post-revenue tech investments with regional and global growth potential. It builds on the firm’s momentum following high-profile exits like the sale of RapidDeploy to Motorola Solutions, considered one of South Africa’s largest tech exits to date.
The second close coincides with two recent investments:
- SAPay, a fintech digitising payments in South Africa’s taxi industry, received a $1 million seed investment from HAVAÍC in July.
- Sportable, a sports data analytics platform, also secured a $1 million follow-on investment as it prepares for its Series B round.
“HAVAÍC is uniquely positioned to scale African-born businesses globally,” said Sanan Pillay, Head of Private Markets at Sanlam Multi-Manager. “Their disciplined approach and industry network give us confidence in their ability to deliver both returns and impact.”
The firm’s earlier funds have already produced landmark deals, including the $100M merger of hearX Group and Eargo to form LXE Hearing.
With the second close of Fund 3, HAVAÍC is doubling down on early-stage, high-growth startups that drive financial inclusion, job creation, and international competitiveness — all while boosting investor appetite in African tech.
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