HAVAÍC secures $25 million in second close of african innovation fund 3

With backing from Sanlam Multi-Manager, Fireball Capital and the SA SME Fund, the venture capital firm strengthens its commitment to early-stage African tech startups and innovation with global potential.

Cape Town-based venture capital firm HAVAÍC has announced the second close of its US$50 million African Innovation Fund 3, bringing total commitments to US$25 million.

The milestone includes a first-time allocation from Sanlam Multi-Manager, one of South Africa’s leading financial services groups, marking its entry into the local venture capital space. The round also saw renewed support from cornerstone investors Fireball Capital and the SA SME Fund, reinforcing long-term confidence in HAVAÍC’s investment strategy and performance.

This latest close highlights the increasing involvement of institutional players in African venture capital and signals growing trust in the region’s innovation economy. According to HAVAÍC, the additional commitments reflect investor confidence in the firm’s ability to build a diversified and high-returning portfolio. Among its recent successes is the acquisition of portfolio company RapidDeploy by US-listed Motorola Solutions, one of the largest technology exits in South Africa’s history.

Launched in August 2024, the African Innovation Fund 3 is targeting up to 15 investments in post-revenue, high-impact startups founded on the continent with potential for regional and global expansion. The fund’s second close coincided with two new transactions: an investment in SAPay and a follow-on round in Sportable. In July, HAVAÍC led SAPay’s first external funding round with a US$1 million investment. The fintech is pioneering the digitisation of payments in South Africa’s taxi industry, improving access to financial services and introducing greater efficiency to the informal transport sector.

In the same month, the firm made a second US$1 million investment in Sportable, a sports data and analytics platform. Acting as lead investor in the company’s bridge to a Series B round, HAVAÍC is supporting Sportable’s rapid international expansion while helping drive skilled job creation in South Africa. These deals follow earlier 2025 investments in pan-African payments platform NjiaPay and livestock trading platform SwiftVEE, expanding the firm’s portfolio to 22 companies serving over 22 million customers across 183 countries.

HAVAÍC Managing Partner Ian Lessem said the second close demonstrates strong support for the firm’s vision of combining commercial performance with long-term impact. “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 said.

For Sanlam Multi-Manager, the decision reflects the firm’s growing interest in scalable local innovation. “Our due diligence showed that HAVAÍC has an extensive track record of successfully investing in the local tech space. They are also very capable of supporting businesses to scale and internationalise their operations, this is key to succeeding in the tech sector,” said Sanan Pillay, Head of Private Markets at the institution.

Claudia Manning, Principal at the SA SME Fund, echoed this sentiment, noting that HAVAÍC’s deep industry knowledge and professional approach set it apart. “They’ve built a standout portfolio of high-potential start-ups. Their attentiveness to investors and disciplined fund management approach gives us confidence that our expectations will be met.”

The announcement follows two landmark exits from HAVAÍC’s fully deployed Funds 1 and 2. In addition to the RapidDeploy transaction, hearX Group’s merger with US-based Eargo in April resulted in the creation of LXE Hearing and raised US$100 million in fresh capital. The deal stands as one of the most significant tech mergers in Africa to date, further underscoring the growing maturity and global relevance of the continent’s venture capital industry.