€245m first close for Partech Africa II fund
Partech, the global technology investment firm, has announced the first closing of its Partech Africa II fund at €245 million. This second iteration of Partech’s Africa-focused strategy is backed by development finance institutions, as well as institutional and commercial investors.
Partech Africa II will double-down on its strategy to identify and support the next generation of category leaders across the continent. The fund will provide $1 million to $15 million initial tickets from seed to growth stages.
The fund’s LPs comprise anchor investor KfW, joined by the European Investment Bank, the International Finance Corporation, FMO, Bpifrance Investissement, British International Investment, DEG and Proparco, as well as commercial investors such as South Suez and Bertelsmann.
“We had set an ambitious goal for Partech Africa II at €230 million, with a hard cap at €280 million, essentially doubling the size of our first fund. We overreached it with a closed amount already above the target fund size,” comments Cyril Collon, general partner at Partech Africa. “This would not have been possible without the trust and the support from our major existing investors. We are honoured that top-tier global institutions and strategic commercial investors have decided to back Partech Africa II.”
“With Partech Africa II, our investment thesis is actually to pursue the successful strategy of our first fund,” explains Tidjane Dème, general partner at Partech Africa. “We launched this strategy when less than $400 million were invested annually in equity on the continent. African tech companies are now raising $6 billion annually validating our early commitment beyond any expectations. Still, we know there are many more champions to build in Africa and we are ready to support them.”