HAVAIC Secures First Close of USD 15 M For Its African Innovation Fund 3

Cape Town-headquartered venture capital (VC) firm HAVAÍC has announced the first close of its USD 50 M African Innovation Fund 3.

In collaboration with cornerstone investors Universum Wealth and The SA SME Fund, alongside local and international family offices, the fund has secured USD 15 M in commitments for its initial closing in July 2024.

The African Innovation Fund 3 aims to make 15 investments in early-stage, high-growth, post-revenue African startups with regional and global growth potential.

This marks HAVAIC’s third African-focused fund and its largest to date. The VC firm launched its first USD 6 M Fund 1 in 2016, followed by its USD 20 M Fund 2 in 2020. Now fully deployed, both funds are on track to realize additional exits, adding to HAVAIC’s fifth exit achieved last year.