South African VC firm HAVAÍC, in partnership with cornerstone investors Universum Wealth and the SA SME Fund, has announced the US$15 million first close of its third African-focused VC fund, which has a target size of US$50 million.
HAVAÍC is a leading African VC investment manager that invests in and supports early-stage, high-growth African-born technology businesses to achieve local and international success.
Headquartered in Cape Town, HAVAÍC’s track record for scaling African-born startups internationally is evident by the reach of its portfolio companies, which serve over 20 million customers in 190 countries worldwide. With the US$15 million first close of its new fund, the firm is earmarking a further 15 investments.
The African Innovation Fund 3 involves cornerstone investors Universum Wealth and the SA SME Fund, as well as local and international family offices, and will invest in startups between the seed and Series B stages.
“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.
Jonathan Sieff, managing partner at Universum Wealth, said his firm was impressed with HAVAÍC’s trademark expertise and proven ability to source compelling opportunities which deliver market-leading 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.
