Saviu Ventures, an historical player in the Francophone Africa Venture Capital industry, recently achieved a second close of EUR 25 million for its second vintage fund Saviu II, with participation from recognized Development Finance Institutions such as the Dutch Good Growth Fund (DGGF) and Proparco, as well as AXIAN Investment, the investment arm of AXIAN Group.
With this second close, Saviu II will continue backing talented African founders, while onboarding additional investors to reach its final closing target of EUR 30 – 50 million.
Saviu II is the successor fund to Saviu I (EUR 10 million), which was fully invested in some of Francophone Africa’s most promising startups. Saviu II completed its first close in 2023 at EUR 12 million, supported by a diverse group of private investors including European and African entrepreneurs, HNWIs and family offices.
During this time, Saviu II and its management company also obtained their license from the Mauritius Financial Markets Authority (FSC), making Saviu Ventures, one of the few independent and fully regulated Venture Capital fund management companies in the Francophone West African region.
Founded in 2018, Saviu Ventures is led by Benoit Delestre (Managing Partner), a former entrepreneur bringing more than 15 years of experience building and selling companies, including two Fintech; Samuel Touboul (Managing Partner), an investment professional with 15 years of Venture Capital and Private Equity experience; and Cynthia Mandjek (Principal), a former investor at Eurazeo and Orange Ventures. Their team now comprises 6 investors and operators, spread across Abidjan, Dakar and Paris.
In line with Saviu I, Saviu Ventures’ second fund will invest from Seed to Series A in African early-stage startups, with a strong focus on Francophone Africa. Saviu funds are sector agnostic but typically invest in Tech or Tech-enabled companies in sectors such as Fintech, Healthtech, Edtech, ClimateTech and E-commerce. Saviu II’s investments will range from EUR500,000 to EUR 3 million, serving as a lead or reference minority shareholder, with a handson approach that defines the Saviu Ventures DNA.
The commitment in Saviu II of leading Development Finance Institutions such as DGGF and Proparco; and from leading corporate actors such as Axian, is a major step for Saviu Ventures. This new fundraising will not only provide further funds to select, identify and support the most promising startups in the Africa eco-system, it will also provide the team with strengthened institutional support, and opportunities to create material synergies between portfolio companies and corporate investors.
With a combined portfolio of more than 20 supported start-ups, and now 3 investments exited in the past few months, Saviu Ventures aims at providing both private and institutional investors with significant returns from a Tech investment strategy, co-investment opportunities, and exposure to the African continent growth, while generating material impacts on the ground through job creation, financial inclusion and gender equity. This second closing of Saviu II at EUR 25m will provide the Saviu Ventures team with the means to continue achieving this objective of generating both impact and positive returns.
Benoit Delestre, Managing Partner at Saviu Ventures: “We are grateful to welcome our first institutional investors as well as a new strategic investor. Their involvement not only validates our investment approach in Francophone Africa but also strengthens our ability to deliver greater value to our portfolio, by fostering impactful connections with corporate partners and international organizations. This milestone marks an exciting new chapter in our mission to support talented African founders building innovative and sustainable companies across the continent.”
Samuel Touboul, Managing Partner at Saviu Ventures: “This first support of institutional investors to our funds and strategy demonstrates that Saviu Ventures now counts as one of the few leading Venture Capital funds in the region, operating and investing with the highest standards. We are committed to capitalize on our strong presence in the Francophone Africa region, an expanded team, and a new institutional framework to further invest the African tech ecosystem and provide returns to our investors.”
Orsolya Farkas, Head of Funds and Equity at Triple Jump, consortium partner managing DGGF: “We are very pleased to partner with the Saviu team to support African entrepreneurs and create jobs, in line with the key objectives of DGGF. ”
Fabrice Perez, Head of Venture Capital at Proparco: “We are absolutely delighted to invest in Saviu Ventures, alongside our trusted partners, DGGF and Axian, to further our commitment to innovative African startups that make a difference to the people, in line with our strategy : Acting Together for Greater Impact.”
Agnès Beri-Jousselin, Head of Private Equity & VC at AXIAN Investment: “At AXIAN www.saviu.vc Page 4 of 4 Investment, we are committed to supporting visionary entrepreneurs who are driving innovation and creating sustainable impact across Africa. Our partnership with Saviu Ventures aligns with our mission to foster the growth of high-potential startups, particularly in Francophone Africa, and contribute to the continent’s dynamic tech ecosystem.”
