Partech, a global technology investment firm, has announced the full close of its second Africa fund, Partech Africa II, with a hard cap of $323 million, in addition to creating a new office in Lagos and growing its team and portfolio.
Partech Africa II has reached its final closing at EUR280 million (US$323 million), following a successful first closing that was announced last year.
Not only have top-tier investors made their first commitment to the African VC ecosystem and the Partech Africa platform, but all of the major investors from the previous fund have also participated.
New strategic investors Africa Re and Dubai Future District Fund (DFDF) have joined Orange, AXIAN Investment, and the African Development Bank Group (AFDB) as early Partech Africa investors in this investment round.
Currently based in Paris, Partech was founded in San Francisco forty years ago and is one of the world’s most active global tech investors.
More than 220 businesses from 40 countries in Africa, Asia, Europe, and the US are currently part of its portfolio.
With its headquarters located in Dakar, Senegal, Partech Africa, on the other hand, focuses on Series A and B equity rounds in startups that are transforming industries including financial services, commerce, education, mobility, and healthcare through technology.
General partner at Partech Cyril Collon stated, “We are grateful for the support and commitment of our investors – almost all Fund I investors reinvested and some, more than doubled their commitment.” We are also grateful for the assistance of a fresh group of strategic investors from the US, the Middle East, and Africa—some of whom are making their first investment in African technology with this announcement.
To support African firms and founders on their growth journey in both local and international markets, Partech Africa II will intensify its strategy of investing throughout Africa, with initial tickets ranging from US$1 million to US$15 million on seed to Series C rounds.
With an e-commerce site in Senegal, a real estate platform in Egypt, and a payment orchestration firm in South Africa, the fund already has three investments in its portfolio.
The group hopes to amass a portfolio of more than 20 enterprises from all over the continent.
This oversubscribed final closing has created a potential opportunity to attract additional categories of global institutions, including US and Middle Eastern pension funds and sovereign funds.
Read more on Tech Gist Africa:
Hohm Energy, a South African startup, has raised $8 million in a seed round
Moove has secured $10 million in debt funding
Arnergy, a Nigerian cleantech startup, has raised $3 million in funding
