South African venture capital firm HAVAÍC has reached the second close of its third investment vehicle, the African Innovation Fund 3, with committed capital now at $25 million. The fund, which targets a final close of $50 million, is aimed at supporting early-stage, high-growth African technology companies with global scalability. Since launching in August 2024, the fund has made strategic investments into key startups, further reinforcing HAVAÍC’s commitment to Africa’s tech-driven future.
Supporting High-Growth, Impact-Driven Startups
HAVAÍC’s investment approach focuses on post-revenue businesses between seed and Series B stages, offering not only capital but strategic support to scale within and beyond the continent. The second close saw renewed backing from institutional players including Sanlam Multi-Manager, Fireball Capital, and the SA SME Fund. With these contributions, HAVAÍC is on track to complete up to 15 investments from this fund, complementing its existing 22-company portfolio, which collectively reaches over 22 million users in 183 countries.
Backing Innovative African-Born Ventures
New investments include a $1 million lead investment in SAPay, a fintech startup transforming the payment landscape in South Africa’s taxi industry. By digitising a historically cash-based system, SAPay is enhancing financial inclusion and operational efficiency within one of the country’s largest informal sectors. The funding represents SAPay’s first external capital raise, with HAVAÍC acting as lead investor in July.
Strengthening Commitments to Proven Startups
In addition to new ventures, HAVAÍC has doubled down on existing portfolio company Sportable, a sports data and analytics platform. The US$1 million follow-on investment, also concluded in July, will serve as a bridge to the company’s upcoming Series B round. HAVAÍC first backed Sportable in October 2023, and its renewed support aims to bolster the company’s global expansion while fostering skilled employment in South Africa.
Pan-African Expansion Through Strategic Investments
Earlier in 2025, HAVAÍC added NjiaPay and SwiftVEE to its portfolio—platforms focused on digital payments and livestock trading, respectively. These additions demonstrate the fund’s commitment to scalable, impactful technologies with strong regional relevance and international potential. By diversifying across sectors, HAVAÍC is building a balanced portfolio that addresses some of Africa’s most pressing economic challenges through technology.
Building a Track Record of Success
HAVAÍC’s growing influence is underscored by the expansive reach of its portfolio companies, which now operate in 190 countries and serve more than 20 million customers globally. Headquartered in Cape Town, the firm has positioned itself as a leader in guiding African startups to international success, offering not just funding, but crucial mentorship and growth support. The second close of its latest fund reflects growing investor confidence in this strategy.
A Vision for African Venture Capital
Ian Lessem, managing partner at HAVAÍC, expressed confidence in the fund’s impact, 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.” He emphasized the importance of collective effort in building a robust ecosystem for African tech entrepreneurs. With this momentum, HAVAÍC is poised to help shape the future of venture capital on the continent.
With the African Innovation Fund 3 approaching its halfway mark to final close, HAVAÍC is strategically positioned to identify and nurture the next wave of African tech leaders. Through targeted capital allocation and strong institutional support, the firm continues to reinforce its dual mission of generating returns and driving sustainable impact. As the fund progresses, it is set to play a pivotal role in accelerating Africa’s digital transformation and global relevance.