The Partech Africa II fund’s first closure, which is already beyond the intended fund size of EUR245 million (US $262 million), has been announced by the international technology investment firm Partech.
One of the most active international IT investors in the world, Partech was founded in San Francisco 40 years ago and currently has its headquarters there. More than 210 enterprises from 40 different countries in Africa, Asia, Europe, and the US are currently part of its portfolio.
In contrast, Partech Africa, with its headquarters in Dakar, Senegal, specializes in Series A and B equity rounds in entrepreneurs that are transforming industries including financial services, commerce, education, mobility, and healthcare through technology.
Major development finance organizations, institutional investors, and business owners support the second iteration of the Partech Africa fund. Partech Africa II will intensify its efforts to find and assist the upcoming category leaders throughout the continent.
The fund will grant initial tickets ranging from US $1 million to US $15 million from seed to growth to help business owners that combine technology and great operations to take advantage of some of the challenging but enormous opportunities the continent presents in many industries.
“We had set an ambitious goal for Partech Africa II at EUR230 million, with a hard cap at EUR280 million, essentially doubling the size of our first fund. We overreached it with a closed amount already above the target fund size,” said Cyril Collon, general partner at Partech Africa. “This would not have been possible without the trust and support from our major existing investors. We are honoured that top-tier global institutions and strategic commercial investors have decided to back Partech Africa II.”
