HAVAÍC’s African Innovation Fund 3 Successfully Closes at $50 Million
HAVAÍC, a prominent venture capital firm, has announced the successful second close of its African Innovation Fund 3, reaching its target of $50 million. This significant milestone underscores the growing confidence in Africa’s burgeoning tech ecosystem and HAVAÍC’s strategic investment approach. The substantial capital injection for the fund comes from key financial institutions, poised to fuel innovation and foster economic growth across the continent’s dynamic tech landscape.
Strategic Partnerships Driving African Tech Investment
The culmination of the African Innovation Fund 3 was made possible through significant commitments, notably a $25 million allocation from leading financial services group Sanlam Multi-Manager, alongside additional contributions from Fireball Capital and the SA SME Fund. This marks a landmark moment as it represents Sanlam Multi-Manager’s inaugural foray into South Africa’s vibrant venture capital industry, signaling a broader institutional recognition of the sector’s potential. Ian Lessem, Managing Partner at HAVAÍC, highlighted the importance of these collaborations, stating, “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 for not only delivering leading returns by supporting African-born businesses, but also creating meaningful social and economic change through our investments. Together, we can continue supporting our continent’s dynamic tech entrepreneurs and grow African VC to new heights.” Launched in August 2024, the African Innovation Fund 3 is strategically positioned to empower innovative, African-born businesses, driving both financial returns and impactful socio-economic transformation.
The successful second close of HAVAÍC’s African Innovation Fund 3 at $50 million is a pivotal development for the continent’s tech and venture capital landscape. It reinforces the potential for significant returns and societal impact through strategic investments in African innovation. With the backing of major institutional investors, HAVAÍC is well-equipped to continue its mission of nurturing promising tech ventures, contributing to a robust and globally competitive African digital economy.
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