African Development Bank Boosts Partech Africa Fund With USD 8 Mn Investment
African Development Bank‘s announcement of USD 8 million equity investment into Partech Africa Fund is a welcome boost to venture capital in Africa coming at a time when Partech is seeking to further support high growth innovative African startups in the early stage that require between USD 600 K to USD 6 MN. Partech typically supports ventures that use technology to address vast emerging market opportunities in fintech, online and mobile consumer services, as well as mobility, supply chain services and digitisation of the informal economy. Partech Africa Fund runs offices in Paris, San Francisco and Berlin with its African headquarters based in Dakar.
This decision to support venture capital in Africa fulfills African Development Bank’s vision of spurring sustainable economic development and social progress which helps in poverty reduction.
Partech Africa Fund is already one of the oldest funds that have witnessed both the good times and the challenging times in the tech industry began its operations in Silicon Valley in 1982. According to its website, it supports a broad range of technologies and businesses for enterprises and consumers, from software, digital brands, and services to hardware and deep tech, across all major industries.
Partech Africa Fund investors have trusted them to make good use of their capital to fund the best entrepreneurs who use existing or new technologies to disrupt large markets — as well as those who are developing new disruptive technologies that will create the next large markets. In Africa, Partech operates from hubs and offices based in Dakar and Nairobi with plans to open in Lagos. Its target countries in Sub-Saharan Africa cover South Africa, Ghana, Nigeria, Ivory Coast, Cameroun, Senegal, Tanzania, Kenya, and Uganda.
Partech Africa Fund is home to notable financiers that include the International Finance Corporation (IFC), World Bank Group as well as the European Investment Bank (EIB) and Averroès Finance III.
