Havaíc has secured $25 million (R448 million) in commitments, supported by Sanlam Multi-Manager and with follow-on investments from Fireball Capital and the SA SME Fund.
This marks the second close of its $50 million (nearly R900 million) African Innovation Fund 3, says the Cape Town-based venture capital (VC) firm.
For Sanlam Multi-Manager, the financial commitment is its first allocation to SA’s VC industry, according to a statement.
Ian Lessem, managing partner at Havaíc, comments: “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.
“Together, we can continue supporting our continent’s dynamic tech entrepreneurs and grow African VC to new heights.”
Sanan Pillay, head of private markets at Sanlam Multi-Manager, adds: “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.”
Launched in August last year, the African Innovation Fund 3 is Havaíc’s third African-focused fund and its largest to date. The VC firm launched its first $6 million Fund 1 in 2016, followed by its $20 million Fund 2 in 2020.
The African Innovation Fund 3 earmarks 15 investments in early-stage, high-growth and impactful post-revenue investments born in Africa with regional and global growth potential. The second close coincides with the fund’s latest investments in SAPay and a follow-on investment in Sportable, reads the statement.
Acting as a lead investor, Havaíc backed SAPay and Sportable with a $1 million (R18 million) investment each, as part of their investment rounds.
The SAPay and Sportable investments followed quarter one investments in Pan-African payments platform NjiaPay and livestock trading platform SwiftVEE, adding to Havaíc’s 22-strong portfolio across its three funds.
Claudia Manning, principal at the SA SME Fund, states: “Havaíc has leveraged its deep industry expertise, extensive network and disciplined investment strategy to build a standout portfolio of high-potential start-ups. Their professional approach to fund management and attentiveness to investors offers reassurance that our needs will be met.”
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