SA VC firm HAVAÍC concludes $15 M first close of African Innovation Fund III’s US $50 M
The third African-focused venture capital fund, HAVAÍC, has reached its first close of US $15 million out of a target size of US $50 million. The firm is based in South Africa and works with major investors Universum Wealth and the SA SME Fund.
HAVAÍC is a prominent African venture capital investment manager that makes investments in and helps high-growth, early-stage African-born technology companies succeed both domestically and globally.
With its global reach spanning 190 countries and serving over 20 million customers, HAVAÍC, with its headquarters located in Cape Town, has a proven track record of helping African-born startups expand internationally. The company has set aside an additional fifteen investments following the US $15 million first close of its new fund.
African Innovation Fund 3 will invest in seed and Series B startups, with participation from international and local family offices, as well as cornerstone investors Universum Wealth and the SA SME Fund.
“Our deepening relationship with institutional investors means we can support more African tech entrepreneurs in scaling into new markets and generating diversified revenue for reinvestment into Africa. A thriving VC ecosystem translates into economic growth and the creation of skilled local jobs. We are proud to support positive change in Africa and beyond, and thank our partners for supporting our vision,” said Ian Lessem, managing partner at HAVAÍC.
Universum Wealth’s managing partner, Jonathan Sieff, expressed his firm’s admiration for HAVAÍC’s trademark expertise and track record of identifying opportunities that offer competitive returns.
“Supporting Ian and his team has been a key part of our client offering. Alternative, uncorrelated assets enable our clients to sensibly diversify their portfolios and generate higher returns over chosen investment time horizons,” he said.
