Cape Town VC firm HAVAÍC secures $25m second close to power next wave of African tech startups

HAVAÍC, a leading venture capital firm headquartered in Cape Town, has announced the second close of its $50 million African Innovation Fund 3, bringing in $25 million in fresh commitments aimed at scaling Africa-born startups with global ambitions.

The second close was led by Sanlam Multi-Manager, marking one of the asset manager’s first forays into South Africa’s growing VC sector. Longtime HAVAÍC backers Fireball Capital and the SA SME Fund also returned with additional investments, reinforcing confidence in the firm’s performance and deal-making capabilities.

“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,” said HAVAÍC managing partner Ian Lessem. “Together, we can continue supporting our continent’s dynamic tech entrepreneurs and grow African VC to new heights.”

Fund 3, launched in August 2024, is targeting 15 early-stage, post-revenue startups that combine high growth potential with measurable impact. The fund’s latest investments include:

• A $1 million lead investment in SAPay, a South African fintech transforming the minibus taxi industry with real-time digital payments.

• A $1 million follow-on in Sportable, a sports tech startup developing real-time data tracking tools, as it prepares for Series B funding.

These latest moves build on HAVAÍC’s earlier 2025 investments in Pan-African payments platform NjiaPay and agri-tech marketplace SwiftVEE, reinforcing a diverse and fast-scaling portfolio.

HAVAÍC currently manages 22 companies across its three funds, reaching over 22 million users in 183 countries. The VC has delivered six exits to date, most notably:

• The sale of RapidDeploy to Motorola Solutions in February 2025, one of the largest tech exits in South African history.

• The LXE Hearing merger, when hearX Group joined forces with US-listed Eargo, raising $100 million in April 2025.

“Our due diligence showed that HAVAÍC has an extensive track record of successfully investing in the local tech space,” said Sanan Pillay, Head of Private Markets at Sanlam Multi-Manager. “They are very capable of supporting businesses to scale and internationalize their operations – this is key to succeeding in the tech sector.”

“HAVAÍC has leveraged its deep industry expertise, extensive network, and disciplined investment strategy to build a standout portfolio of high-potential startups,” added Claudia Manning, Principal at the SA SME Fund. “Their professional approach to fund management and attentiveness to investors offers reassurance that our needs will be met.”

The second close of African Innovation Fund 3 signals more than just capital injection — it reflects growing institutional confidence in African venture capital and the maturing pipeline of startups solving problems at scale.