[ad_1]
Global VC fund Partech Africa has closed its second Africa-focused fund, Partech II, for $300 million to invest in African startups across multiple sectors. This is the largest Africa-focused fund and doubles Partech’s first fund, which closed in 2018 with $143 million. The new fund will focus on investing in Seed to Series C rounds with ticket sizes between $1 million and $15 million.
Partech’s acquisition comes as funding to Africa fell by 36% last year, with more than half of investors pulling back from funding African startups. The closing comes a year after Partech recorded its first closing for $263 million, with new capital coming from pension funds and sovereign wealth funds in the United States and the Middle East, as well as African Reinsurance Corporation and Dubai It’s coming from new “strategic investors” like the Future Districts Fund (DFDF).
“We are grateful for the support and commitment of our investors. Nearly all Fund I investors have reinvested, with some more than doubling their commitments. We are proud to have the support of our new strategic investors in Africa, for some of whom this will be their first foray into African technology,” said Cyril Colon, General Partner at Partek. said.
One of Africa’s most active venture-stage investors last year, Partec invested in startups such as Wave, Yoco and Vendease with its first fund, and now invests in South African payments startup Revio and South African privately held startup It has invested in three startups, including two. Egypt and Senegal establish a second fund.
Partek also plans to expand its team and footprint in Africa by opening a new office in Lagos, where a third of its portfolio is based. “With offices in Dakar, Nairobi, Dubai and now Lagos, we are increasing our on-the-ground support for entrepreneurs,” said Tijan Deme, general partner at Partek.
*This is a developing story.
[ad_2]
Source link
