HAVAÍC’s has announced third close of its US$50 million African Innovation Fund 3.
The Fund has now secured over US$30 million in commitments following the entry of South African impact investor E Squared Investments, established by Allan Gray in 2007.
HAVAÍC says the Fund is on track to complete up to 15 investments in early-stage, high-growth, post-revenue African startups with regional and global growth potential.
Furthermore, it stated that it recently made investments in Entersekt and SAPay. Two recent follow-on investments are Talk360 and Sportable.
“HAVAÍC’s track record of backing African innovation that translates into sustainable, real-world outcomes strongly reflects our investment philosophy,” says Pyi Maung, chief investment officer at E Squared.
“Their combination of capital and strategic support enables Africa-born startups to scale responsibly and access global markets, which aligns closely with E Squared’s focus on long-term value creation. We look forward to being a part of their continued impact through our investment in Fund 3.”
Maung added: “HAVAÍC’s track record of backing African innovation that translates into sustainable, real-world outcomes strongly reflects our investment philosophy
“Their combination of capital and strategic support enables Africa-born start-ups to scale responsibly and access global markets, which aligns closely with E Squared’s focus on long-term value creation. We look forward to being a part of their continued impact through our investment in Fund 3.”
Ian Lessem, managing partner at HAVAÍC, commented: “We look forward to accelerating our portfolio’s impact with the support of E Squared’s investment and doubling down on our strategy to grow local innovation by unlocking international markets.
“As evidenced by our portfolio companies’ growth and enduring positive returns, the African VC industry has the talent, technology, and opportunities to catalyse sustainable job creation and social empowerment on the continent. This is where investors with a strong appetite for creating impact should be deploying their capital.”
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