Afrigather Partech Africa, the worldwide VC fund, has closed “Partech II,” its second Africa-focused fund, at $300 million to spend money on African startups in a number of sectors. It’s the largest Africa-focused fund, doubling Partech’s first fund, which closed at $143 million in 2018. The brand new fund will concentrate on investing in seed to Sequence C rounds with ticket sizes starting from $1 million to $15 million.
Partech’s shut comes as funding for Africa fell by 36% last year, and greater than half of buyers pulled again on funding African startups. The shut comes a yr after Partech hit its first shut at $263 million and the brand new funding comes from US and Center East pension funds, sovereign funds, and new “strategic buyers” like Africa Reinsurance Company and Dubai Future District Fund (DFDF).
“We’re grateful for the assist and dedication of our buyers: nearly all Fund I buyers reinvested, and a few greater than doubled their dedication. We’re additionally honored to get assist from a brand new set of strategic buyers from the US, the Center East and Africa, and for a few of whom, this marks their first dedication in African tech,” stated Cyril Collon, Common Associate at Partech.
Partech, one of many most active African venture stage investors final yr, invested in startups like Wave, Yoco and Vendease in its first fund and has now invested in three startups, together with Revio, a fee startup in South Africa and two different undisclosed startups in Egypt and Senegal with its second fund.
Partech can even open a brand new workplace in Lagos, residence to a 3rd of its portfolio, because it expands its group and base in Africa. “With our presence in Dakar, Nairobi, Dubai and now Lagos, we’re strengthening our assist on the bottom for entrepreneurs,” stated Tidjane Deme, basic companion at Partech.
*This can be a creating story
