Saviu Ventures, a venture capital firm specializing in Francophone Africa, is nearing the final close of its second fund, Saviu II, aiming to raise between €30 million and €50 million. The announcement comes as the firm celebrates a significant exit from its investment portfolio, marking a milestone in its strategy of identifying and nurturing high-potential startups in the region.
The firm recently achieved a successful exit through the sale of its 22% stake in Lapaire, a pan-African eyewear company acquired by Creadev, a global investment firm backed by the Mulliez family, known for their ownership of retail giants Auchan and Decathlon. Saviu first invested in Lapaire in 2018 and participated in subsequent funding rounds, playing a pivotal role in the company’s expansion. The exit delivered a return of “several times” Saviu’s initial investment, underscoring the firm’s ability to generate value from its portfolio companies.
Saviu Ventures, founded in 2018 by Benoît Delestre and Samuel Touboul, focuses on early-stage investments in tech and tech-enabled companies across sectors such as healthcare, logistics, and fintech. Unlike many venture capital firms that chase unicorns, Saviu prioritizes sustainable businesses — revenue-generating companies with low burn rates. This approach is tailored to the unique dynamics of Francophone Africa, where outsized returns are rare, and operational efficiency is critical.
“To invest in a Francophone West Africa unicorn, I can wait a long time, so it’s not in my investment thesis,” said Delestre, Managing Partner at Saviu Ventures. “I need some multiples; I need to return cash to my investors. Betting on a unicorn in the next ten years might leave me with no returns.”
Delestre’s strategy contrasts with the high-risk, high-reward model prevalent in venture capital. “If I have ten investments, at the end of my fund, I would like to have maybe eight successes and two failures,” he explained. This disciplined approach has resonated with limited partners (LPs), who were initially hesitant but have grown more confident following the success of Saviu’s first fund.
“If you look at every VC fund, especially in the current economic climate, the trend is between 1.5x and 2x returns for the best performers,” Delestre noted. “I aim to outperform by adding value to every company I invest in, rather than adopting a ‘spray and pray’ approach.”
Historically, Francophone Africa has lagged behind Anglophone regions in attracting venture capital. Of the seven unicorns in Africa, only one — Wave, a mobile money platform — was founded or primarily operates in Francophone West Africa. Saviu Ventures seeks to bridge this gap by focusing on underserved markets and supporting startups that address critical needs.
The firm’s investment in Lapaire exemplifies this strategy. Lapaire, which provides affordable eye care solutions, expanded from its Kenyan base into Francophone West Africa under Saviu’s guidance. The company now operates nearly 90 locations across six countries and has conducted over 500,000 eye tests. While the exit from Lapaire marks a significant achievement, Saviu’s broader mission remains centered on fostering sustainable growth across the region.
With the final close of its $50 million fund on the horizon, Saviu Ventures is poised to deepen its impact on Africa’s startup ecosystem. The firm’s emphasis on sustainable growth and operational efficiency positions it as a key player in fostering innovation across one of the world’s most dynamic and rapidly evolving markets.
“Our mission is to build businesses that last, create jobs, and solve real problems,” Delestre said. “That’s the kind of impact we want to have in Francophone Africa.”
As Saviu Ventures continues to identify and support high-potential startups, its disciplined approach and focus on value creation are likely to set a new standard for venture capital in the region. With a proven track record and a clear vision, the firm is well-positioned to drive growth and innovation in Francophone Africa’s burgeoning startup ecosystem.