Partech, the global venture capital firm with roots in Paris and a growing footprint across Africa, is deploying capital from its €280m Partech Africa II fund with notable speed and intensity. In May 2025 alone, the firm participated in four deals across Egypt, Nigeria, and South Africa — ranging from early-stage fintech to emergency response marketplaces. The activity marks one of the most active months for the firm since the fund’s final close in late 2024, and underscores its sharpened strategy for Africa’s volatile but high-potential tech sector.
A Cross-Continent Sweep
Partech Africa’s May investments span verticals and geographies:
- Carrot Credit (Nigeria): a $4.2m seed round in a lending platform enabling users to borrow against digital investment assets. Partech participated alongside US-based MaC Venture Capital and Authentic Ventures.
- Nawy (Egypt): a $75m funding round comprising $52m in equity and $23m in debt. Partech led the equity round in what is now one of Egypt’s largest proptech raises to date.
- MoneyFellows (Egypt): a $13m pre-Series C round in a digital group savings platform. Partech co-invested with Al Mada Ventures (Morocco), Nclude (Egypt), and CommerzVentures (Germany).
- AURA (South Africa): a $15m Series B round in an emergency services marketplace, co-led by Partech and the Cathay AfricInvest Innovation Fund (Mauritius).
The deals reflect Partech’s stated strategy: to back high-growth African startups from Seed to Series C, with ticket sizes ranging from $1m to $15m.
Partech closed its second Africa-focused fund at €280m in December 2024, reaching its hard cap amid a broader downturn in African venture capital. According to Partech’s own 2023 Africa Tech VC report, the number of active investors on the continent halved compared to the previous year. In this context, Partech appears to be leaning into the downturn, taking up the role of lead or anchor investor in multiple rounds — an approach designed to de-risk transactions and crowd in co-investors.
General Partner Cyril Collon said at the time of closing that most investors from Fund I had returned, many doubling their commitments. New backers include a mix of commercial investors, development finance institutions (DFIs), and sovereign wealth funds, such as Africa Re and the Dubai Future District Fund. Notable DFIs on the roster include IFC, EIB, KfW, FMO, and Bpifrance.
Egypt in Focus
Partech’s outsized activity in Egypt may signal a shift in its geographical priorities. Two of the firm’s May 2025 investments — Nawy and MoneyFellows — are Egypt-based, and collectively account for $65m in equity.
Nawy’s $75m round is particularly notable for its scale. The deal brought together a consortium of investors from the Middle East, Africa, and the US, including e& capital, Shorooq Partners, Outliers VC, and Plug and Play. Partech’s lead role signals confidence in Egypt’s real estate digitalisation, even as macroeconomic challenges — such as inflation and currency devaluation — continue to weigh on the local startup ecosystem.
MoneyFellows, meanwhile, builds on Partech’s existing thesis in fintech. The Cairo-based startup digitises traditional ROSCAs (Rotating Savings and Credit Associations), which remain a dominant informal savings method across African markets.
Partech’s reach now spans West, North, East, and Southern Africa. The firm recently opened a new office in Lagos, joining existing locations in Dakar, Nairobi, and Dubai. The Lagos presence will serve as a hub for West African deal sourcing and portfolio support, and the firm is actively hiring across functions, including for investment analysts and portfolio strategy leads.
General Partner Tidjane Deme said the local presence is critical to Partech’s model: “Being on the ground enables us to better understand local contexts, support founders more closely, and navigate regulatory and operational environments with more agility.”
Partech Africa II aims to back 20 to 25 startups, with a focus on building more concentrated positions. This contrasts with Fund I’s 17-company portfolio, suggesting a more deliberate, value-creation approach.
A Long-Term Bet
The scale and speed of Partech’s deployment stand in contrast to the current caution exercised by many venture firms in Africa, which are contending with currency volatility, declining valuations, and regulatory uncertainty. Yet Partech is betting that a long-term thesis — combined with local presence and global investor relationships — can provide an edge in identifying durable, scalable companies.
Still, questions remain about exit pathways, especially as IPOs and M&A activity on the continent remain sporadic. Partech says it is investing not only in growth but also in operational support and exit strategy, including active recruitment of professionals to support value creation across its portfolio.
For now, with €280m in dry powder and a flurry of deals under its belt, Partech is one of the few firms signaling expansion rather than contraction on the African tech scene. May’s four deals suggest the firm is serious about delivering on that signal.