South Africa's HAVAÍC hits first close of $50m VC fund

Daba Finance/South Africa's HAVAÍC hits first close of $50m Africa VC fund

STARTUP VENTURE CAPITALAugust 6, 2024 at 11:58 AM UTC

TLDR

HAVAÍC secures $15M for African Innovation Fund 3, targeting early-stage, high-growth African companies.
Fund backed by Universum Wealth, SA SME Fund, and other local & international family offices.
Supports seed to Series A/B rounds, with successful portfolio reaching 20M+ customers in 190 countries.

HAVAÍC has secured $15 million in commitments for the first close of its $50 million African Innovation Fund 3. The fund is backed by Universum Wealth, The SA SME Fund, and other local and international family offices.

The African Innovation Fund 3 aims to invest in 15 early-stage, high-growth, post-revenue African companies with regional and global potential, targeting seed stage to Series A and B rounds.

This is HAVAÍC’s largest fund to date, following the success of its previous funds launched in 2016 and 2020. The firm’s portfolio already serves over 20 million customers in 190 countries.

Key Takeaways

The SA SME Fund’s investment in HAVAÍC reflects a broader trend of institutional investors backing local venture capital firms, which contributes to a robust startup ecosystem in key African markets such as South Africa, Kenya, and Nigeria. HAVAÍC’s 2023 results highlighted a 400% increase in annual revenue and a landmark fifth exit, with 193% total realized exited returns and 120% unrealized carrying returns. Recent investments by HAVAÍC include the sports data company Sportable and follow-on investments in RNR, RapidDeploy, hearX Group, and AURA, all of which have achieved notable milestones. This strategic support from institutional investors is crucial in fostering innovation and growth in the African startup ecosystem.

Venture Capital

HAVAIC

Universum Wealth

The SA SME Fund

Startups

Venture Funding

Fundraising

Series A

Series B