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    HomeEcosystem NewsVenture Capital & Funding SourcesPartech Successfully Closes Over $300M Africa Fund and Expands Presence in Lagos

    Partech Successfully Closes Over $300M Africa Fund and Expands Presence in Lagos

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    Global technology investment firm Partech has announced the successful final closing of its second Africa-focused fund, Partech Africa II, reaching a hard cap of €280 million ($300 million). The firm has also unveiled plans to open a new office in Lagos and is actively seeking new team members to strengthen its operations.

    Partech Africa II, following a robust initial closing last year, has secured significant commitments from major investors from its predecessor fund, along with new top-tier investors making their first foray into the Partech Africa platform and the African venture capital ecosystem. The oversubscribed final closing has attracted diverse support, including US and Middle East pension funds, sovereign funds, and strategic investors such as Africa Re and Dubai Future District Fund (DFDF).

    The fund boasts backing from a varied group of 40+ international investors, ranging from commercial investors like South Suez and Bertelsmann to family offices and major Development Finance Institutions (DFIs). Notable DFIs in the investor lineup include KfW, the European Investment Bank (EIB), International Finance Corporation (IFC), FMO, Bpifrance Investisement, and others.

    Cyril Collon, General Partner at Partech, expressed gratitude for the support and commitment of investors, noting that almost all Fund I investors reinvested, with some more than doubling their commitment. Collon also highlighted the honor of gaining support from new strategic investors, particularly from the US, the Middle East, and Africa, many of whom are making their first commitment in African tech.

    Partech Africa II is set to intensify its strategy of investing across the African continent, targeting Seed to Series C rounds with ticket sizes ranging from $1 million to $15 million. The fund aims to support African companies and founders in their growth journey, both in local and international markets. Currently, the fund has three investments in its portfolio, spanning real estate in Egypt, payment orchestration in South Africa, and e-commerce in Senegal. The team anticipates building a portfolio of over 20 companies across the continent.

    Tidjane Deme, General Partner at Partech, announced the expansion of the team and footprint on the continent, welcoming senior investment officer Tito Cookey-Gam and opening an office in Lagos. With existing locations in Dakar, Nairobi, Dubai, and now Lagos, the firm aims to strengthen its on-the-ground support for entrepreneurs.

    Partech Africa is actively recruiting for key positions, including a senior profile for “Portfolio Strategy & Operations” to drive value creation and exit building, as well as a Lagos-based Investment Analyst.

    The final closing of Partech Africa II comes amid a 50% decrease in the number of investors active in the African tech ecosystem, as highlighted in Partech’s 2023 Africa Tech Venture Capital Report. Collon emphasized the critical role of anchoring rounds at all stages in this context, reinforcing the firm’s mission to enable the emergence of technology companies that will create transformative value for African economies and shape global innovation.

    Headquartered in Dakar, Senegal, Partech Africa is a leading venture capital fund dedicated to technology startups in Africa. The firm invests in equity rounds from Seed to Series C in startups impacting various sectors, including education, mobility, finance, healthcare, delivery, and energy.

    Partech is a global tech investment firm headquartered in Paris, with offices in Berlin, Dakar, Lagos, Dubai, Nairobi, and San Francisco. The firm manages €2.5 billion AUM and supports a portfolio of 220 companies in 40 countries across four continents, offering capital, operational experience, and strategic support from seed through to growth stage.

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