Global VC Firm, Partech Doubles its Africa Fund to $143 Million, Establishes East Africa Presence
Global investments platform, Partech, has more than doubled its Africa fund from $70 million in the previous year to $143M.
This makes Partech Africa fund the largest VC fund exclusively dedicated to tech startups in Africa by a top tier international VC. This also confirms its position as a major go-to platform for tech financing on the continent.
To bring its Africa fund to $143 million, the VC firm gained support from over 40 different investors across the globe. This includes major financial institutions like the European Investment Bank, the IFC and Averroès Finance III.
Others include the German Development Bank, the Dutch Development Bank and the African Development Bank Group.
On the corporate side, Partech Africa Fund was also backed by Bertelsmann, L’Oréal , Axian Group, and TEXAF, who join the other pioneering investors.
The Partech Africa Fund plans to make 20 to 25 investments in about 10 countries over the next few years. The fund would target series A and B financing rounds in startups which are changing the way technology is used in education, mobility, finance, delivery, energy, etc.
In a statement to Techcrunch, Partech said it would also be considering seed-funding within the $500,000 range
“We are really proud to see major global investors rally around our vision and ambition to support extraordinary entrepreneurs building digital champions for Africa and emerging markets. Our first investments in Yoco and TradeDepot provide strong showcases of how these champions can transform whole sectors such as retail and payments in this region”.
Cyril Collon, General Partner at Partech
Expanding its Team
In a bid to expand its team, Partech Africa brought in two investment officers who will join its General Partners, Cyril Collon and Tidjane Dème.
First is Matthieu Marchand who worked previously for the Partech Growth Fund. Marchland joined the African team as Investment Officer in 2018.
The second is Nairobi-based Ceasar Nyagah who joined as Investment Officer more recently in January 2019. He is expected to aid Partech Africa’s Eastern Africa presence. While the rest of the team is based in Dakar, Senegal, Ceaser would be based in Kenya to boost the fund’s activity in East Africa.
“This is a pioneering work in Africa and we are very excited to onboard key talents such as Matthieu and Ceasar and work hard with them to set the standards for a new generation of Africa-based investors. After launching the Dakar office last year, it is also key for us to set now a base in East Africa with a Nairobi office.”
Tidjane Dème, General Partner at Partech
The team will also be joined by a business development officer to help the quick exposition of African startups to European and US markets.
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