
VC Firm HAVAÍC Secures $15 Million for Third African Innovation Fund
Venture Capital firm HAVAÍC has successfully raised $15 million in commitments for its third African Innovation Fund, marking the first close of the $50 million fund.
The Empower Africa Business Platform is Now Live !!!
Finnfund, a Finnish development finance institution, has committed a $4 million debt investment to Kenyan internet provider Poa Internet to accelerate the rollout of affordable, high-speed broadband across underserved and low-income communities in Kenya.
Poa Internet, with over 238,000 subscribers, is among Kenya’s largest ISPs.
The new financing will enhance its network infrastructure and expand service coverage to rural and economically disadvantaged neighbourhoods where internet access remains limited.
This support is aligned with the Africa Connected Programme, part of the European Union’s broader Global Gateway strategy, leveraging guarantees from the European Fund for Sustainable Development Plus (EFSD+).
EFSD+ is a flagship EU initiative that employs blending instruments and guarantees to mobilize investments in sustainable infrastructure across partner countries.
Kelvin Kiiru, Investment Associate at Finnfund, emphasized:
“Digital infrastructure is one of our strategic priorities. By lowering the cost of broadband access, we aim to boost economic growth and deepen inclusion – enabling remote work, financial services, healthcare, learning, and opening global markets to small businesses.”
He noted that backing from the EU and EFSD+ amplifies their institutional commitment to digital inclusion and economic development in Africa.
Poa Internet’s CEO, Andy Halsall, expressed enthusiasm about the partnership:
“With Finnfund’s financing and Nokia’s fibre‑optic infrastructure, we’re poised to make our low‑cost broadband available to a broader pool of Kenyan households. Reliable internet is a cornerstone for education, healthcare, trade, governance and more.”
Nokia is confirmed as Poa’s preferred fibre technology collaborator, a relationship that supports infrastructure expansion.
This announcement arrives in the wake of a high‑level visit from Finnish President Alexander Stubb to Poa Internet’s Nairobi facilities on May 13, 2025, underscoring Finnish diplomatic and development interest in Kenya’s digital transformation.
Kenya’s internet adoption is climbing—internet penetration reached approximately 40% in early 2024—but high‑speed broadband remains concentrated in urban areas, leaving rural and low-income populations underserved.
Disparities persist across Sub‑Saharan Africa: around 34% of Africans had internet access in 2023, compared to 66% globally, and nearly 45% of the continent’s population lives over 10 km from fiber networks.

Venture Capital firm HAVAÍC has successfully raised $15 million in commitments for its third African Innovation Fund, marking the first close of the $50 million fund.

Norrsken22, an Africa-focused venture capital firm, has closed its first African technology growth fund at $205 million, surpassing its target of $200 million.

Electric mobility and distributed energy company Zeno has secured $25 million in new funding to accelerate the expansion of its electric vehicle and charging infrastructure across East Africa.