Raising
Anza Africa Seed Fund II
Managed by Anza Fund Manager
A venture capital fund investing in founder-led, IP-led technology companies from Seed to Series A, with South Africa and Kenya as its two hubs.
Two-page summary of the fund, for sharing with your investment committee.
The fund at a glance
Key facts
- Target size
- R300 million (about US$15 million), with a hard cap of R400 million (about US$20 million)The amount the fund aims to raise. The hard cap is the most it can accept from investors.
- Structure
- South African en commandite partnership, denominated in rand and based in JohannesburgAn en commandite partnership is the South African form of a limited partnership. Investors are limited partners, liable only up to their commitment as long as they do not take part in management. The general partner manages the partnership.
- US dollar investors
- A parallel Delaware vehicle, set up through Sydecar, invests alongside the fundA parallel vehicle is a separate entity that invests alongside the main fund, so that investors who prefer to commit in US dollars can take part.
- Fund life
- 10 years from first close, plus up to two 12-month extensionsFirst close is when the fund formally starts and the first investor commitments are accepted. The fund life is the time it has to invest in, grow and exit its companies and return capital to investors.
- Deployment period
- 36 monthsThe window in which the fund makes its new investments. After it ends, the fund concentrates on supporting the companies it already holds.
- Follow-on reserve
- Up to 20% of capitalCapital held back to invest again in portfolio companies when they raise later rounds, so the fund can keep backing the companies that perform best.
- Stage
- Seed to Series ASeed is usually a company’s first institutional round, used to prove its product and market. Series A follows when a company has early traction and needs capital to grow.
- Ticket size
- R1 million to R20 millionThe amount the fund expects to invest in a single company.
- Target portfolio
- 20 companiesThe number of companies the fund aims to hold. Spreading capital across companies limits the effect of any single failure.
- Geography
- South Africa 75%, Kenya 25%The intended split of capital between the fund’s two hubs.
- Business models
- B2B and B2C; SaaS, transaction and e-commerce revenueB2B companies sell to other businesses and B2C companies sell to consumers. SaaS is software sold as a subscription.
Why this fund
African start-ups that have outgrown incubators, angels and bootstrapping often cannot yet reach later-stage venture, development finance or private equity. This is the missing middle.
Seed Fund II is built for that gap. It invests at Seed, Pre-Series A and Series A, reserves capital to follow on in its strongest companies, and connects them with corporate partners and later-stage investors.
It builds on the strategy Anza has applied through Anza Capital’s portfolio, with a more structured follow-on approach and a liquidity framework built on secondary sales and corporate co-investment.
Investment focus
Food, clean and digital technology
The fund backs IP-led companies in three sectors where technology can strengthen Africa’s food, climate and digital infrastructure. Across all three, it favours companies that pair technology with physical delivery, from EV charging and cold storage to clinics and learning hubs.
Food technology
Climate-linked food and agri-technology across the value chain: climate-smart production, data and decision-support platforms, efficient logistics and cold chains, and traceability and waste reduction.
Clean technology
Clean infrastructure, distributed energy systems and green technologies that support energy security and a low-carbon, climate-resilient transition.
Digital technology
Digital solutions built for African challenges in health, education and financial inclusion, drawing on new digital infrastructure and a young, tech-savvy population.
Target allocation
Ranges for capital deployed, including follow-on investment. Bars are drawn on a scale of 0% to 50% of the fund.
By sector
By stage
How the platform supports this fund
Pipeline
Deal flow from the SA Innovation Summit and TechTribe Accelerator, screened against one scorecard.
Venture partners
Sector specialists support 100 and 200-day plans, market access and follow-on fundraising.
Exit pathways
Corporate, private equity and M&A relationships support trade sales and secondaries.
Governance
How the fund is structured
Who holds which role, and where investors and independent members have oversight.
Impact and portfolio
The fund will report on impact through Anza’s impact management framework, which separates results Anza can attribute from those it contributes to.
The fund's own investments will be listed here as they are made. Anza Capital's portfolio is shown separately under Track Record.
Investor questions
Common investor questions
Short answers on structure, terms and governance. The private placement memorandum (PPM) sets out the full terms.
The fund is open to sophisticated and professional investors. Any offer is made only on the basis of the fund’s private placement memorandum (PPM) and agreements.
It is a South African en commandite partnership, denominated in rand and based in Johannesburg. Its general partner is Anza Fund Manager VC Fund II GP (Pty) Ltd, and it is managed by Anza Fund Manager (Pty) Ltd, FSP 53884.
Yes. A parallel Delaware vehicle, set up through Sydecar, invests alongside the fund for US dollar investors.
Ten years from first close, plus up to two 12-month extensions. The deployment period is 36 months.
Up to 20% of capital is reserved to follow on in the companies that perform, so that success compounds.
An Investment Committee that includes independent members approves every investment. An LP Advisory Committee is part of the fund’s oversight.
Fund terms are set out in the private placement memorandum, which is shared with sophisticated and professional investors after an introductory conversation with our investor team.
Anza Capital (Pty) Ltd is a separate company that holds Anza’s first portfolio on its balance sheet. Seed Fund II builds on that experience, but Anza Capital’s results are not Seed Fund II’s.
How to invest
Fundraising status
- Status
- Raising
- First close
- Targeted for Q1 2027
Fund terms are set out in the private placement memorandum, which is shared with sophisticated and professional investors after an introductory conversation with our investor team.
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This page is for information only. It is not an offer to sell, or a solicitation of an offer to buy, any interest in Anza Africa Seed Fund II. Any offer will be made only to sophisticated and professional investors, on the basis of the fund’s private placement memorandum (PPM) and agreements. Past performance is not a reliable indicator of future results.