In 2024, during a conversation with Benoit Delestre, Co-founder of Saviu Ventures, he made a statement that immediately stood out.
“I need to return cash to my investors. So to bet on a unicorn in the next ten years — you will see that in the end, I won’t have any return,” he said.
It was an unusual position for a venture capitalist to take, but one that the firm maintains to this day. In a world where most VCs chase billion-dollar valuations, Delestre is content with smaller, tangible wins. For Saviu Ventures, the Francophone Africa-focused firm he co-founded in 2018, the goal isn’t to fund the next unicorn. It’s to build companies that can deliver returns through well-timed exits.
A realistic approach to venture capital
Saviu’s $40 million fund has backed 21 startups, 75% in Francophone Africa. These include companies like the eyewear retailer Lapaire, logistics startup Kamtar, and Julaya, a B2B neobank. But what stands out is the firm’s approach to managing its portfolio.
Where the average venture capitalist expects 70% of their portfolio to fail, Saviu aims for the opposite, expecting no more than 20% of their startups to go under. To make that possible, it works closely with founders and plans for exits early, typically within three to five years of the first investment.
That strategy has started to show results. In the past two years alone, Saviu has achieved four exits in a region where liquidity events remain rare.
One was a full exit from Lapaire, where Saviu reportedly held a 22% stake. Another was a partial exit from Kamtar, after selling part of its position to Logidoo.
Beginning with the end in mind
Anyone who has followed African tech over the past few years knows the difficulty of achieving exits. It’s one of the ecosystem’s biggest bottlenecks. While some observers blame VCs for overvaluing companies, the truth is more complex.
Exits depend on acquirers, and Africa doesn’t have enough of them. Papa Mady Sidibé, Head of Portfolio Management at Saviu Ventures, argues that most corporates don’t really understand startups, are not forced to innovate, and don’t see the value in acquiring them.
Even when interest exists, pricing often gets in the way. The funding boom between 2020 and 2022 pushed startup valuations to unrealistic heights, making it difficult for investors and founders to agree on fair exit terms today.
Saviu’s strategy was built with these realities in mind. “We start by telling founders our thesis,” Sidibé says. “We don’t know who the buyer will be or when the exit will happen, but it’s something we all keep in view from day one.”
Building the bridge between startups and corporates
That mindset means identifying potential acquirers early, nurturing corporate relationships, and helping founders build businesses that someone would actually want to buy.
“This is tough,” Sidibé admits, “but we have to create connections with those corporates. It’s a big part of our job. That’s why we’re so hands-on.”
To aid this goal, Saviu has a portfolio support team based in Africa that works directly with founders on recruitment, business development, and strategy. At least half of their time, Sidibé says, goes into activities related to preparing for or facilitating exits. Sometimes, that means finding a buyer. Other times, it’s about helping startups grow into a position where they can attract acquisition interest.
The merger between Kamtar and Logidoo is a case in point. Saviu first invested in Kamtar in 2018. By 2024, the company had over $17 million in annual turnover. But there was an opportunity in linking Kamtar’s last-mile strengths with Logidoo’s cross-border logistics network. The merger created a more integrated logistics platform, allowing Saviu to partially exit while still keeping exposure to future upside.
Managing valuations and market realities
If the past few years have taught investors anything, it’s that discipline matters. For Saviu, that discipline shows up in how it values companies and structures deals.
Sidibé explains that Saviu typically values startups at roughly ten times their annual revenue and aims for a return of 5x or more on the initial investment. The firm also negotiates discounts when investing very early, which helps protect against valuation mismatches later.
Investors and founders have become more realistic, with the current funding environment more sober than during the pandemic.
“People aren’t pushing for sky-high valuations anymore,” Sidibé said. That moderation, he adds, makes it easier to align expectations between founders, investors, and acquirers.
The cost of going it alone
While co-investments are common in African venture capital, coordinating exits among multiple investors is still rare.
“It’s not really something you can do with other investors,” Sidibé admits. “Maybe you can get help with introductions, but beyond that, it’s not a culture that exists yet.”
That means Saviu often leads the process — identifying opportunities, negotiating terms, and supporting the post-sale transition. It’s an intensive model that requires patience and regional familiarity, but it also gives a firm focused on Francophone Africa a competitive edge.
Saviu’s approach may not create Africa’s next unicorn, but the firm has made peace with that. Instead, it produces tangible returns for investors, opportunities for founders, and a growing track record of exits in one of the continent’s toughest markets.
