South African venture capital firm HAVAÍC has reached a $25 million second close for its third fund, advancing its mission to back Africa-born tech startups scaling globally. The fund, which launched in August 2024 and targets $50 million, is on track to complete up to 15 strategic investments across the continent.
Backed by institutional capital from Sanlam Multi-Manager, as well as follow-on commitments from Fireball Capital and the SA SME Fund, the African Innovation Fund 3 is gaining momentum. It has already deployed capital into SAPay, Sportable, NjiaPay and SwiftVEE high-growth startups that exemplify the fund’s thesis of supporting post-revenue ventures with international potential.
HAVAÍC, headquartered in Cape Town, has emerged as one of Africa’s most active VC managers, specializing in early-stage investments that deliver scalable impact. Its existing portfolio spans 22 companies operating in 183 countries and reaching more than 22 million users.
With its second close, the firm is accelerating its investment pace. In July, HAVAÍC led a $1 million round into SAPay, a fintech innovating digital payments in South Africa’s taxi industry streamlining transactions, increasing efficiency, and expanding financial inclusion in one of the country’s largest informal sectors.
That same month, the firm doubled down on Sportable, leading a $1 million bridge investment toward the startup’s Series B. The data analytics platform, first backed by HAVAÍC in 2023, is expanding rapidly in international sports markets while contributing to South Africa’s high-skill employment pipeline.
Earlier in 2025, HAVAÍC added NjiaPay, a pan-African payments platform, and SwiftVEE, a digital livestock marketplace, to its portfolio both positioned to scale rapidly across and beyond the continent.
The fund invests between the seed and Series B stages, targeting innovative, impactful tech ventures born in Africa but built for global reach. The first close in 2024 brought in $15 million, and with the new capital infusion, HAVAÍC is deploying funds into businesses at the intersection of local relevance and international scalability.
“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 not just in generating strong returns but in driving real economic and social change,” said Ian Lessem, managing partner at HAVAÍC. “Africa’s next generation of tech entrepreneurs is already here. We’re backing them to go global.”
With $25 million now secured and more institutional capital expected in the coming months, HAVAÍC is well-positioned to cement its role as a leading catalyst for Africa’s tech-driven future.
