HAVAÍC's $30M Boost Fuels Africa's Next Wave of High-Growth Startups

HAVAÍC has secured over US$30 million in commitments for its African Innovation Fund 3. This marks the third close of the US$50 million fund, which targets early-stage, high-growth African startups. The firm's strongest year yet was boosted by key exits, including RapidDeploy's sale to Motorola Solutions and hearX Group's merger with Eargo.

The African Innovation Fund 3 aims to back 15 post-revenue startups with regional and global potential. So far, it has invested US$10 million across eight companies, such as SAPay and Entersekt. The fund remains on course to reach its US$50 million target by August.

Existing cornerstone investors include Fireball Capital, Universum Wealth, the SA SME Fund, and Sanlam Multi-Manager. A new addition is E Squared Investments, a South African impact investor founded by Allan Gray in 2007. The firm focuses on responsible entrepreneurship and inclusive economic growth.

HAVAÍC's portfolio already includes 23 African tech startups. Notable successes like RapidDeploy and hearX Group have strengthened its reputation in the sector.

With over US$30 million raised, Fund 3 continues to attract investors seeking high-growth opportunities in Africa. The final close in August will determine whether the US$50 million target is met. The fund's strategy centres on scaling post-revenue startups with strong expansion potential.