The global VC firm Partech, which manages multiple funds, has announced that the first closure of Partech Africa II has reached a total of 245 million euros, making it the most successful and largest Africa-focused fund to date.
According to managing partners Tidjane Deme and Cyril Collon, the firm aim to invest in early and growth-stage startups across Africa and had hoped to raise roughly €230 million for its second African fund before it reached a first closure at €150 million.
The global VC firm Partech has opened three funds over the past two years, all of which are focused on different regions and sectors of the economy. These funds include a $750 million growth fund and a $100 million startup fund.
From nine different nations, Partech’s first African fund backed seventeen early-stage startups in Series A and B funding rounds.
Over one million merchants and twenty million consumers across Africa have benefited from Partech Africa’s portfolio, the company says.
We do make investments in late-seed companies. This is why we employ a million-dollar threshold; it allows us to start the project sooner. Collon added, “We’ll keep trying to make sure we can preempt talented teams before they ever start raising money.
More than 20 Series A and B startups in the fintech, edtech, health tech, mobility, and other sectors will get funding from Partech Africa.
Read more on Tech Gist Africa:
Convergence Partners, a South African private equity firm has secured $296 million
Modus has announced a $75M venture capital fund to support AI and blockchain startups in Africa