South Africa-based VC firm HAVAÍC has announced the third and final close of the HAVAÍC Universum Core African Fund, a US$20 million fund that will invest in early-stage technology companies in South, East, and West Africa.
HAVAC, based in Cape Town, is an investment and advisory firm that invests in and supports early-stage, high-growth African technology businesses with proven concepts and global prospects, providing sophisticated private and institutional investors with high-return and impactful investment opportunities.
The HAVAC Universum Core African Fund is the company’s second pan-African investment fund, with a third and final closing of US$20 million in partnership with Universum Wealth, as well as institutional investors from South Africa and the United States, including Fireball Capital.
It will invest in startups born in Africa that use technology to solve real-world local, regional, and international challenges, and make an impact in the markets they serve. The fund invests in and supports early-stage, post-revenue seed investments up to later-stage growth Series A investments.
“The fund’s institutional investors bring new international relationships and capital. Coupled with our experience in investing in Africa, this makes for a winning combination of local expertise, networks, and follow-on funding internationally. These are all necessary ingredients when scaling businesses,” said Ian Lessem, managing partner at HAVAÍC.
The fund has invested in various South African, Kenyan, and Nigerian technology startups since its launch in 2020 as a joint venture with Universum Wealth.
The third and final close allows HAVAC to execute on its exciting pipeline of investment opportunities and leverage its partnerships with existing and new investors in Africa and around the world, following its second close in 2021 and the inclusion of leading institutional partners such as South Africa-based Fireball Capital.