Partech, the global technology investment firm, has announced the final closing of its second Africa fund, Partech Africa II, at a hard cap of EUR280 million (US$323 million), while also opening a new office in Lagos and expanding its team and portfolio.
Born in San Francisco 40 years ago and now headquartered in Paris, Partech is one of the most active global tech investors in the world. Its current portfolio includes more than 220 companies across 40 countries in Africa, Asia, Europe and the US.
Partech Africa, meanwhile, is headquartered in Dakar, Senegal, and focuses on Series A and B equity rounds in startups which are using technology to transform areas such as financial services, commerce, education, mobility, and healthcare.
Following a strong first closing announced last year, Partech Africa II has now reached its final closing at EUR280 million (US$323 million) with all major investors from its predecessor fund but also top tier investors making their first commitment into the Partech Africa platform and into the African VC ecosystem.
This oversubscribed final closing has provided the opportunity to attract new categories of global institutions namely, US and Middle East pension funds and sovereign funds. It also includes new strategic investors Africa Re and Dubai Future District Fund (DFDF), which are joining existing early Partech Africa supporters Orange, AXIAN Investment and the African Development Bank Group (AFDB).
“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 US$1 million to US$15 million on seed to Series C rounds, to support African companies and founders on their growth journey in both local and international markets. The fund already counts three investments in its portfolio with 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,” said 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.”
