Grace Ashiru
Johannesburg-based Hlayisani Capital has reached a first close of R500 million (approximately $30 million) for its second venture fund, Hlayisani Venture Fund II (HVF II), with the Public Investment Corporation and the SA SME Fund coming in as cornerstone investors alongside family offices and private backers. A final close is targeted for June 2026.
The fund was designed to address a persistent structural gap in South Africa’s startup ecosystem: while seed capital has become more accessible in recent years, Series A capital — typically in the R50 million to R100 million range — remains scarce, leaving promising growth-stage companies without the fuel to scale. HVF II targets precisely these businesses: technology-enabled companies that have achieved product-market fit and are ready to accelerate, with a focus on AI, fintech, healthtech, edtech, and digital infrastructure.
Three investments have already been made. Tractor Outdoor Media is digitising the out-of-home advertising sector; Spatialedge, a Stellenbosch-based enterprise AI firm, helps consumer businesses make faster, data-driven decisions; and Cogitait AI builds operational intelligence and automation solutions.
Founded in 2016 through a partnership between Angelhub Ventures — backed by former FNB CEO Michael Jordaan and Kevin Harris — and Dzana Investments, the family investment vehicle of former Nedbank chairman Dr Reuel Khoza, Hlayisani is among the largest Black-owned venture managers in South Africa. The firm holds a Level 2 B-BBEE rating, with 51% Black ownership and 39% Black women ownership. It now manages over R1 billion across three funds.
For the team, HVF II’s institutional backing signals a meaningful shift: South African pension funds are beginning to treat venture capital as a legitimate and strategic asset class.
