Mubadala and Bpifrance jointly invest in Partech Africa II fund
Mubadala and Bpifrance jointly invest in Partech Africa II fund
This funding commitment by Mubadala and Bpifrance is the first investment made through their Africa co-investment partnership.
Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.
Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)
Tap on the top-right icon to log in or register a free account
Tap on bottom-right Connect icon to start chatting
Mubadala Investment Company, an Abu Dhabi-based global sovereign investor, and Bpifrance, the French public investment bank, announced a joint investment in global technology investment firm Partech's latest Africa-focused venture capital fund, Partech Africa II.
This funding commitment by Mubadala and Bpifrance is the first investment made through their Africa co-investment partnership. Bpifrance is also an investor in Partech’s first Africa fund, which achieved a final close of €125 million in January 2019.
Today, Partech Africa I is comprised of a portfolio that operates in 27 countries on the continent, across a large set of sectors from fintech to healthtech, logistics and edtech. This portfolio has attracted more than 10% of the VC investments in Africa in 2021 and 2022.
Partech Africa II has now reached its hard cap of €280 million, making it the largest venture capital fund dedicated to technology startups in Africa. The fund will provide $1 million to $15 million initial tickets from Seed to Series C rounds, to support African companies and founders on their growth journey in both local and international markets and to address some of the hard-to-solve but very wide opportunities the continent offers across all sectors.
Andres Rodenas de la Vega, head of the France investment programme at Mubadala said, “Africa is one of the world’s fastest growing markets for venture capital, and we are delighted to announce our first investment through the €350 million Africa co-investment partnership with Bpifrance. Over the years, we have developed a strong working relationship with Bpifrance through our France Investment Program, and we look forward to continuing our close collaboration on a number of investments going forward.”
Bpifrance’s head of European and international affairs, Isabelle Bébéar said, “Bpifrance has been a long-standing supporter of Partech, in France for several decades and in Africa since the launch of Partech Africa I in 2018. We are pleased and proud not only to renew our support to Partech for this second pan-African fund that will address the continent's growing technological challenges, but to do so alongside, Mubadala, another historical partner.”
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.