Cape Town VC Fund Hits $30M for African Tech Startups

African tech startups just gained a powerful ally in their corner, and the momentum is building fast.

Cape Town-based venture capital firm HAVAÍC announced it has raised over $30 million for its African Innovation Fund 3, putting it well on track toward its $50 million goal. The latest boost came from E Squared Investments, a South African impact investor that saw the potential in backing homegrown tech talent.

Founded in 2015, HAVAÍC has made its mission clear: find African tech companies that are already making money and help them grow even bigger. Since launching this third fund in March 2023, the firm has already put $10 million to work across eight companies.

The portfolio reads like a who's who of African innovation. Fintech companies SAPay and Entersekt are getting support to expand their payment solutions. Sports tech firm Sportable and international calling service Talk360 received follow-on investments as they scale up.

HAVAÍC isn't just making promises. The firm has real wins to show, with successful exits including RapidDeploy, which was acquired by Motorola Solutions, and hearX Group. These success stories prove that investing in African tech isn't just feel-good philanthropy but smart business.

The fund plans to invest in up to 15 companies total and expects to reach its final close by August 2026. Backing the vision alongside E Squared are investors including Fireball Capital, Universum Wealth, the SA SME Fund, and Sanlam Multi-Manager.

The Ripple Effect

Every dollar invested in African tech creates jobs, solves local problems, and shows young entrepreneurs across the continent that building world-class companies from Africa is possible. When a Cape Town fintech scales up or a sports tech startup grows, they hire developers, create opportunities, and inspire the next generation of founders.

African startups have long struggled to access the capital their counterparts in Silicon Valley take for granted. Funds like HAVAÍC's are changing that narrative one investment at a time.

The message is clear: Africa's tech scene isn't waiting for permission to innovate anymore.