Partech Records $300 Million Africa-focused fund despite a decline in worldwide funding. Doubling the initial fund raised by Partech, which ended at $143 million in 2018. With ticket sizes ranging from $1 million to $15 million, the new fund will concentrate on investing in seed to Series C rounds.
Partech Just Records a $300 Million Africa-focused fund
Partech’s closure coincides with a 36% decline in funding for African entrepreneurs last year, as over half of investors withdrew their investments. The fresh money comes from sovereign funds, US and Middle Eastern pension funds, and new “strategic investors” such as Africa Reinsurance Corporation and Dubai Future District Fund (DFDF). The closing occurred one year after Partech reached its first closure at $263 million.
Cyril Collon, General Partner at Partech said, “We are grateful for the support and commitment of our investors: almost all Fund I investors reinvested, and some more than doubled their commitment. We are also honored to get 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 Plans to Create a New Office in Lagos as its Staff Grows
With its second fund, Partech has since invested in three more companies: Revio, a South African payment startup, and two more unnamed companies in Egypt and Senegal. As Partech grows its staff and base in Africa, it will also create a new office in Lagos, which is home to a third of its portfolio.
One of the most popular African venture stage investors in 2018 was Partech, which invested in Wave, Yoco, and Vendease among other companies in its first fund.
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