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HAVAÍC Reaches $25M Second Close for African Tech Fund

Daba Finance/HAVAÍC Reaches $25M Second Close for African Tech Fund
BREAKING NEWSJuly 31, 2025 at 12:45 PM UTC

TLDR

  • South Africa-based venture capital firm HAVAÍC has reached a second close of $25 million for its African Innovation Fund 3
  • The fund, targeting a final close of $50 million, focuses on early-stage, post-revenue technology startups born in Africa with global potential
  • Founded in Cape Town, HAVAÍC has invested in 22 companies to date. Its portfolio now spans 183 countries and serves over 22 million users

South Africa-based venture capital firm HAVAÍC has reached a second close of $25 million for its African Innovation Fund 3, with new and follow-on investments in SAPay, Sportable, NjiaPay, and SwiftVEE.

The fund, targeting a final close of $50 million, focuses on early-stage, post-revenue technology startups born in Africa with global potential. Backers of the latest round include Sanlam Multi-Manager, the SA SME Fund, and Fireball Capital.

Founded in Cape Town, HAVAÍC has invested in 22 companies to date. Its portfolio now spans 183 countries and serves over 22 million users.

In July, HAVAÍC led a $1 million investment in SAPay, a South African fintech digitising fare payments in the informal taxi sector. It also followed on with a $1 million bridge round investment in Sportable, a sports data analytics platform expanding internationally.

Earlier in the year, HAVAÍC invested in NjiaPay, a pan-African payments platform, and SwiftVEE, a livestock trading marketplace.

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Key Takeaways

HAVAÍC’s $25 million second close and four new investments illustrate growing momentum among African venture capital firms backing startups with international ambitions. While African VC remains undercapitalized compared to global markets, firms like HAVAÍC are showing that targeted funding at the seed-to-Series B stages can yield startups capable of scaling beyond the continent. SAPay’s entry into the minibus taxi sector in South Africa taps into one of the region’s largest informal markets, while Sportable’s data analytics business targets the global sports economy. NjiaPay and SwiftVEE, meanwhile, address regional challenges in payments and agriculture, respectively, with scalable tech solutions. With the African Innovation Fund 3 targeting up to 15 startups, HAVAÍC is focusing on impact, digitisation, and cross-border growth. The fund’s structure—combining local LPs with institutional capital—also reflects growing confidence in African-born innovation as a global investment opportunity.

Venture Capital
Venture Financing
South Africa
HAVAIC
Startup Funding

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