Saviu Ventures, a venture capital firm focused on startups in Francophone Africa, has secured an initial funding of €12 million for its second fund, supported by private investors from French and Kenyan family offices.
The firm aims to finalize the fund within a range of €30 million to €50 million, primarily intending to invest in startups within Francophone Africa. Talks are ongoing with various stakeholders, including institutional investors, to reach this funding goal.
Founded by Benoit Delestre and Samuel Touboul, Saviu Ventures has actively engaged with the startup ecosystem in Francophone Africa since 2018 when it initiated the deployment of its initial €10 million fund.
The firm specializes in investing in seed-stage startups and remains open to various sectors. However, with the current fund, there’s a particular interest in fintechs, health-techs, and climate-techs, while scaling back on investments in e-mobility, e-commerce, and e-logistics.
Benoit Delestre emphasized, “We will maintain the same strategy as our first fund, directing the majority of our investments towards startups in the Francophone region. However, we are also open to opportunities to invest in startups from East, Southern, and North Africa seeking expansion into Francophone Africa.”
With its second fund, Saviu plans to invest between €500,000 and €3 million in 15 to 20 post-revenue startups. Delestre and Touboul highlighted the firm’s focus on supporting “sustainable companies” and providing business development assistance alongside financial investments. Notably, the second fund has already supported startups like Waspito, Rubyx, and Workpay.
Touboul emphasized, “We seek sustainable businesses, not unicorns. We aren’t interested in business models that rely on burning cash. Our focus is on supporting talented entrepreneurs building sustainable ventures.”
Saviu’s initial fund previously invested between €250,000 and €500,000 in 12 startups, with 82% from the Francophone region. Portfolio companies include Anka (Afrikrea), Julaya, Zanifu, Lapaire, and Paps, showcasing diversity in e-commerce, neobanking, digital lending, eyewear retail, and e-logistics.
The firm stands among the early VC firms targeting the Francophone region, an ecosystem increasingly attracting investors due to less competition, substantial market potential, and attractive deals compared to more mature Anglophone regions.
According to the 2022 Partech report, the Francophone region accounted for 49% and 38% of the rest of Africa’s deals and funding, respectively. Despite flat equity funding last year, the region’s growth potential remains strong.
Delestre remarked, “The ecosystem in Francophone Africa has significantly developed since 2018, showing an increase in founders and incubators. It still has ground to cover compared to Kenya or South Africa but has notably improved.”
