Finance

Partech Africa to launch a second fund dedicated to African startups

Friday, 10 June 2022 17:12
Partech Africa to launch a second fund dedicated to African startups

(Ecofin Agency) - The aim for Partech is to raise double the US$133 million secured by Partech Africa I, which closed in 2019.

Private equity fund Partech Africa announces plans to launch Partech Africa II, its second investment vehicle focused on fast-growing African startups and SMEs active in the digital and tech sectors.

The new investment vehicle aims to raise double the commitments secured with Partech Africa I, whose final closing was announced in January 2019, with €125 million secured from 40 investors. 

Many of the investors that participated in the Partech Africa I have promised to take part in the second investment vehicle. The European Investment Bank (EIB) indicated on Wednesday, June 8, that it was considering staking an undisclosed amount in the fund. The International Finance Corporation (IFC) also promised to invest €25 million, or a volume not exceeding 20% of the second fund. The Dutch entrepreneurial development bank, FMO, also made the same commitment. 

Partech Africa II will follow the investment strategy implemented in the framework of Partech Africa I, by tapping into the experience of the team coordinated by Tidjane Dème and Cyril Collon, general partners of Partech Africa.

The new investment vehicle will invest between €1 and 15 million in early-stage startups specializing in supply chain services, fintech, and mobility. It will also invest in Series D rounds and make follow-on investments in the continent's top tech firms.  

In its 2021 Annual Report on Venture Capital Funding for African Startups, released last February, Partech Africa reports that the African tech ecosystem attracted twice as many investors in 2021 (+101% compared to 2020) as it did in 2020. During the same period, the continent raised US$5.2 billion (triple the amount raised in 2020) during 681 equity rounds.

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