Silicon Valley based venture capital (VC) fund Partech has completed a capital raise for its Africa Fund, with the fund closing at €125-million, more than double the size of its first closing a year ago at €57-million ($70-million).
Partech Ventures made the announcement last Thursday (31 January). It claims it has raised the largest VC fund dedicated to tech startups in Africa.
The fund will participate in Series-A and Series-B rounds for tech startups on the continent and aims to back startups developing solutions around the informal economy, mobility, financial inclusion, supply chain, as well as consumer services.
The VC also last week announced that it was moving into East Africa, with Ceasar Nyagah having joined the team as an investment officer based in Nairobi. The rest of the team is based in Dakar.
Partech has completed a capital raise, with its Africa Fund closing at €125-million, over double the size of its first closing a year ago at €57-million
In February last year, the fund’s general partner Tidjane Dème was quoted by US tech site Techcrunch as saying the fund will likely invest in startups in Cameroon, the Ivory Coast, Ghana, Kenya, Nigeria, South Africa and Tanzania.
Partech claims it has gained support from more than 40 different investors across the spectrum and from all over the globe for its Africa Fund.
These it said include among others, the European Investment Bank (EIB), IFC, German Development Bank KfW and the African Development Bank.
The fund is also backed by mobile operator Orange and Edenred, a French company that specialises in prepaid corporate services and French multinational JCDecaux Holding. These companies have been joined by multinationals such as Bertelsmann and L’Oréal as well as by the Axian Group, an African company active in Indian Ocean territories, and an investment company TEXAF listed in Belgium.
Partech said it will also leverage the experience of over 25 successful entrepreneurs who have committed to support through the fund.