HAVAÍC has announced the second close of its US$50 million African Innovation Fund 3, securing US$25 million in commitments. This milestone is backed by key investors including Sanlam Multi-Manager, Fireball Capital, and the SA SME Fund. The fund is aimed at accelerating investment into Africa’s innovation ecosystem, focusing on scalable post-revenue startups with regional and global growth potential.
Sanlam Multi-Manager’s participation marks one of its first forays into South Africa’s venture capital (VC) landscape, signalling increased involvement of major institutional investors in the continent’s tech sector. Their commitment highlights growing confidence in HAVAÍC’s investment strategy and the broader prospects of African VC.
Additional backing from longstanding partners Fireball Capital and the SA SME Fund reflects trust in HAVAÍC’s consistent track record of high-performing investments and successful exits. Notably, the recent acquisition of HAVAÍC portfolio company RapidDeploy by Motorola Solutions stands as one of South Africa’s largest tech exits to date.
The African Innovation Fund 3, launched in August 2024, plans to support 15 early-stage, high-growth startups across the continent. The second close coincides with fresh investments in SAPay, a digital payments platform for South Africa’s taxi industry, and a follow-on investment in Sportable, a sports data analytics company. Both ventures received US$1 million each in July, with HAVAÍC acting as lead investor.
Earlier in 2025, the fund also backed NjiaPay, a pan-African payments platform, and SwiftVEE, a livestock trading startup. These investments further diversify HAVAÍC’s portfolio, which now includes 22 companies serving over 22 million customers across 183 countries.
Managing Partner Ian Lessem emphasized that the addition of Sanlam Multi-Manager and renewed support from existing partners reinforces HAVAÍC’s dual mission of delivering strong returns while driving social and economic impact through African innovation.
Sanlam Multi-Manager’s Head of Private Markets, Sanan Pillay, noted HAVAÍC’s ability to help tech startups scale internationally, which is essential for long-term success. Claudia Manning of the SA SME Fund echoed this sentiment, praising HAVAÍC’s disciplined investment strategy and attentive fund management.
The announcement follows a series of major transactions by HAVAÍC, including the merger of hearX Group with U.S.-based Eargo to form LXE Hearing, which secured US$100 million in capital. This deal, along with the RapidDeploy exit, signals the rising maturity and global relevance of African VC.
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