South African venture capital firm, HAVAÍC, has actively been investing in African startups since 2016 — investing each year since then without fail. Once more, the VC has announced it has closed its newest fund, after investing in eight ventures and making three international exits in 2020.
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“I am buoyed by the results from the Fund’s second close and the interest shown by local and international investors supporting the Fund JV between HAVAÍC and Universum Wealth. It is also gratifying to see the majority of funding commitments coming from international investors. This really speaks volumes for how VC in Africa is an asset class being noticed by international investors, who contribute not only foreign investment into our local economies but give our markets exposure to their international networks as well,” says Ian Lessem, managing partner at HAVAÍC.
Here Is What You Need To Know
- The fund tagged HAVAÍC’s Universum Core African Fund, is a joint venture (JV) between HAVAÍC and Universum Wealth.
- While Universum Wealth is an international investment management firm with deep experience in both listed and private markets, HAVAÍC provides investment and strategic support to post seed, pre-Series B, African technology startups. It also enables both South African and international investors to invest into VC investments alongside local and international institutional investors that they otherwise would not have access to.
“Private markets are an important source of value and diversification for our clients. We have worked with the HAVAÍC team for several years and are delighted to partner with them on their Pan-African Fund. HAVAÍC are exceptionally well-networked in the African VC space and have a proven ability to source compelling investment opportunities,” said Jonathan Sieff, managing partner at Universum Wealth.
“They subsequently apply their strategic insights and deep understanding of best practice to deliver amazing value to the companies they have invested in and are increasingly demonstrating how their unique approach delivers favourable exits for their companies and our clients. We are delighted to continue to build our partnership with HAVAÍC and view the Fund as an exciting opportunity for our clients, Universum Wealth and other investors,” he said.
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A third and final close of the Fund targeting up to $20 million is expected later this year, following a strong Fund first close in 2020 and the addition of several contributions to the Fund.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer