• Tuesday, November 05, 2024
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Partech declares final closing of Africa fund

Partech

Partech

A Global investment firm, Partech, has disclosed that its African fund peaked at €125 million ($143 million) after the final closing of the Partech Africa fund. This is a staggering increase compared to the company’s result a year ago.

The announcement showed the company made double of its first closing a year ago, which saw Partech record €57 million ($70 million). The €125 million is above Partech’s hard cap. The company also disclosed it has made inroads into East Africa, with Ceasar Nyagah joining the team as Investment Officer based in Nairobi, Kenya.

Partech had launched its Partech Africa fund in January 2018, which secured above €57 million (US$70 million) commitments toward its target size of €100 million ($120 million), making it the first technology fund of such size from a top tier international VC to be exclusively dedicated to the fast-growing tech ecosystem in Africa.

Partech has been able to get the support of several investors, including high-value corporations to back the Partech Africa fund.

According to Partech, these investors include: the European Investment Bank (EIB), IFC, member of the World Bank Group and Averroès Finance III (fund of funds managed by Bpifrance and co-sponsored with Proparco), KfW, the German Development Bank (on behalf of BMZ, the German Ministry of Economic Cooperation and Development), FMO, the Dutch Development Bank and the African Development Bank Group.

The statement also said that Partech Africa is leveraging the experience of more than 25 successful entrepreneurs produce a new generation of game changers.

With the success it has recorded from its closed fund, Partech believes it is the go-to platform for financing tech startups in Africa as the company boast of a strong capability to leverage much more capital thanks to its partners.

Partech Africa financing is categorised into two rounds: series A and B financing. The fund is disbursed to startups changing the way technology is used in education, mobility, finance, delivery, energy, etc. In 2018, two investments were made, with Nigeria’s TradeDepot and South Africa’s Yoco benefiting from the fund. Partech intends to close more deals in 2019.

 

JONATHAN ADEROJU

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