HERi Africa

HERi Africa

HERi Africa was established in 2016 by Hasiniavo Rasoanaivo and Mamy Ranaivoson, two Madagascar-based professionals with experience in finance and technology. The firm operates as a private equity and venture capital manager targeting early-stage companies in Madagascar, the Indian Ocean islands, and select Francophone African markets. The fund invests across technology, agriculture, and financial services—sectors where mobile penetration and low banking access create opportunities. Its portfolio includes fintech platforms like Mvola and agritech ventures such as Soa Coin. HERi Africa structures deals as direct equity investments and occasionally participates in syndicates with international development finance institutions. Its geographic scope spans Madagascar, Mauritius, and Réunion. HERi Africa is a lean operation—its investment team is believed to number fewer than ten professionals. The firm has not publicly disclosed AUM or total capital deployed. In 2023, the firm led a seed round for a Madagascar-based logistics startup, according to public reports. The firm has not announced additional offices beyond its Antananarivo headquarters. HERi Africa occupies a distinct niche: it is one of the few fund managers dedicated exclusively to the Madagascar and Indian Ocean venture ecosystem. That geography lacks density of institutional LPs and exits remain rare, which means the firm relies on patient capital and co-investments with development banks to build its portfolio.