Partech Africa II fund has successfully concluded its fundraising, securing €280 million in commitments from a diverse array of international investors, including several prominent European development finance institutions (DFIs). The fund, managed by Partech, focuses on investing in technology startups across the African continent, with the aim of catalyzing innovation and fostering economic growth.
The final close of Partech Africa II saw over 40 international investors participating, with notable contributions from existing investors in Partech’s Africa I fund. Among the key backers are German development bank KfW, the European Investment Bank (EIB), the International Finance Corporation (IFC), Dutch development bank FMO, and French public sector investment bank Bpifrance Investissement. Additionally, the fund received support from other institutions such as the African Development Bank Group (AfDB), media conglomerate Bertelsmann, telecommunications company Orange, and Madagascar-based African tech investors AXIAN Investment.
Partech Africa II targets technology startups at various stages of growth, ranging from seed to Series C rounds, and provides investment ranging from $1 million to $15 million. The fund aims to support African companies in scaling their operations both locally and internationally, across sectors including education, mobility, finance, healthcare, delivery, and energy.
The fund has already made three investments, including in Revio, a payment orchestration startup in South Africa, an e-commerce platform in Senegal, and a real-estate platform in Egypt. Cyril Collon, General Partner at Partech, expressed gratitude for the continued support from existing investors and welcomed new strategic investors from the US, the Middle East, and Africa.
Partech also announced the opening of a Lagos office, reflecting its commitment to the African market. The new office will facilitate investment activities in Nigeria, where a significant portion of Partech’s African tech investments have been made. Tito Cookey-Gam has been appointed as Senior Investment Officer to lead operations in Lagos.
The successful close of Partech Africa II comes amidst a challenging landscape for African tech investment, as highlighted in Partech’s 2023 Africa Tech Venture Capital Report. Despite the downturn in VC investment, the fund aims to anchor rounds at all stages, supporting the emergence of transformative technology companies across the continent.
In addition to its focus on African tech, Partech recently launched the Growth Impact Fund, targeting European B2B tech companies addressing environmental and social challenges. With these initiatives, Partech seeks to bridge funding gaps and drive positive impact through technology and innovation.
