HAVAC, a leading venture capital firm headquartered in Cape Town, has announced the second close of its 50 million African Innovation Fund 3, bringing in 25 million in fresh commitments aimed at scaling Africa-born startups with global ambitions.
The second close was led by Sanlam Multi-Manager , marking one of the asset managers first forays into South Africas growing VC sector. Longtime HAVAC backers Fireball Capital and the SA SME Fund also returned with additional investments, reinforcing confidence in the firms performance and deal-making capabilities.
Fund 3, launched in August 2024, is targeting 15 early-stage, post-revenue startups that combine high growth potential with measurable impact. The funds latest investments include:
-
A 1 million lead investment in SAPay , a South African fintech transforming the minibus taxi industry with real-time digital payments.
-
A 1 million follow-on in Sportable , a sports tech startup developing real-time data tracking tools, as it prepares for Series B funding.