South African investment company HAVAÍC confirms the second closure of its third fund, worth $50 million, and has invested in four separate ventures.
HAVAÍC Strengthens African Tech Ecosystem with Q1 Investments
Cape Town-based venture capital firm HAVAÍC has announced significant investments in two Pan-African startups during the first quarter of 2025. The firm, known for its focus on early-stage African technology startups with global potential, has chosen to back NjiaPay, a payments platform, and SwiftVEE, a fast-growing livestock trading platform.
These investments mark the second close of HAVAÍC's $50 million African Innovation Fund 3, which was launched in August 2024. The fund, designed to fuel early-stage startups driving Africa’s next wave of technological innovation and exports, has successfully raised $25 million in this round, led by institutional investors including Sanlam Multi-Manager, Fireball Capital, and the SA SME Fund.
Ian Lessem, managing partner at HAVAÍC, expressed his excitement about the investments, stating that the addition of these esteemed investors to The African Innovation Fund 3 demonstrates their track record of delivering returns and creating social and economic change through investments.
HAVAÍC's approach addresses critical challenges in the African investment ecosystem, such as the often fragmented progression from venture capital-funded early growth to private equity scalability. The firm emphasizes a collaborative investment model bridging VC and PE fundraising gaps, reflecting global trends where VC and PE roles blur in later-stage rounds, especially in the tech sector.
The firm's portfolio companies serve over 20 million customers in 190 countries worldwide. Recent investments, such as the $1 million investment in SAPay in July, acting as the lead investor in the fintech's first external funding round, and the investment in the sports data collection and analytics platform Sportable in October 2023, further bolster HAVAÍC's 22-strong portfolio across its three funds.
The investments in Q1 indicate HAVAÍC's commitment to growing African VC to new heights. The firm is earmarking 15 investments in early-stage, high-growth, and impactful post-revenue investments born in Africa. These investments, including NjiaPay, SwiftVEE, SAPay, and Sportable, underscore HAVAÍC's continued support for dynamic tech entrepreneurs in Africa.
In addition, HAVAÍC concluded a second $1 million follow-on investment in Sportable in July, acting as the lead investor in their bridge to series B funding round. The VC's investment in Sportable further fuels their rapid international expansion and growth of skilled and representative employment in South Africa.
As the African Innovation Fund 3 continues to grow, it will undoubtedly play a crucial role in shaping the African tech landscape and fostering innovation across the continent. The fund's focus on startups between the seed and Series B stages, coupled with its commitment to bridging funding stages for scalable growth, positions it as a key player in the African venture capital ecosystem.
Entrepreneurs in the African tech sector received a boost as Cape Town-based venture capital firm HAVAÍC invested in NjiaPay, a payments platform, and SwiftVEE, a livestock trading platform. This aligns with HAVAÍC's focus on early-stage African technology startups with global potential, demonstrating their commitment to fostering growth and innovation in technology, investment, and even sports, as evident in their investment in Sportable, a sports data collection and analytics platform.
