Partech announces close of second Africa fund
Partech announces close of second Africa fund
Partech has announced the final closing of its second Africa fund at a hard cap of €280 million.
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
Partech, the global technology investment firm, has announced the final closing of its second Africa fund, Partech Africa II, at a hard cap of €280 million.
Partech Africa II has attracted new investors such as Africa Re and Dubai Future District Fund (DFDF) which are joining existing Partech Africa LPs such as Orange, AXIAN Investment and the African Development Bank Group.
Overall, the fund has attracted support from over 40 international investors, including commercial investors such as South Suez and Bertelsmann to family offices, and development finance institutions (DFIs). The set of DFIs include Germany’s KfW, the European Investment Bank, the International Finance Corporation, FMO, British International Investment, DEG and Proparco.
“We are grateful for the support and commitment of our investors: almost all Fund I investors reinvested and some, more than doubled their commitment,” said Cyril Collon, general partner at Partech. “We are also honoured to get the support from a new set of strategic investors from the US, the Middle East and Africa, and for some of whom, this marks their first commitment in African tech.”
Partech Africa II will double down on its strategy of investing across Africa with initial tickets ranging from $1 million to $15 million for Seed to Series C rounds. The fund has already made three investments: a real-estate platform in Egypt, a payment orchestration startup in South Africa, and an e-commerce platform in Senegal. The team expects to build a portfolio of over 20 companies across the continent.
“We are also expanding our team and footprint on the continent. We are excited to have senior investment officer Tito Cookey-Gam join the team, to open our office in Lagos, home to almost a third of our portfolio,” added Tidjane Deme, general partner at Partech. “With our presence in Dakar, Nairobi, Dubai and now Lagos, we are strengthening our support on the ground for entrepreneurs.”
* 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.