CLOSING AT $300 MILLION, PARTECH AFRICA II FUND EXPANDS TEAM AND PORTFOLIO
Global investment firm Partech has secured $300 million (€280 million) for its second Africa-focused fund, Partech Africa II, exceeding its initial target.
In the context of a recent report indicating a 50% reduction in active investors in the African tech sector, Partech’s latest development assumes increased significance.
The fund’s focus is on African tech startups, with investment brackets spanning from $1 million to $15 million, concentrating on Seed to Series C rounds across diverse sectors. Partech Africa II aims to establish a portfolio comprising over 20 companies, with the objective of supporting ambitious founders in their growth endeavors, both in local and international markets.
Partech Africa II addresses the funding gap in the African tech sector’s early-growth stage, recognizing the challenges many startups face in securing resources for scaling. The firm’s robust track record, coupled with support from a varied group of investors, including institutions from the US, Middle East, and Africa, instills confidence in its ability to identify and nurture future tech leaders.
To bolster its commitment, Partech has expanded its team and physical presence in Africa. The newly established Lagos office, housing almost a third of the fund’s existing portfolio, underscores Partech’s dedication to providing on-the-ground support to entrepreneurs. The recent addition of senior investment officer Tito Cookey-Gam further enhances the team’s expertise and capacity.
The final closing of Partech Africa II emphasizes the firm’s long-term vision for African tech. By offering essential funding, strategic guidance, and local support, Partech aims to contribute to the sustainable future of innovation on the continent. Cyril Collon, General Partner at Partech, articulates this vision, stating, “The capacity to anchor rounds at all stages from Seed to Early Growth is more critical than ever. It reinforces our mission to enable the emergence of technology companies that will create transformative value for African economies and shape the future of innovation globally.”
Joan Aimuengheuwa From The News Source: Techeconomy
