Global Investment Firm Partech Closes Africa Fund Of USD 143 Mn
Partech Africa, a subsidiary of the global investment firm Partech, has announced the final closing of its Africa fund at €125 Mn (USD 143,745,625). The fund which is more than twice of its first closing a year ago is backed by a unique set of financial institutions, major corporate partners and successful entrepreneurs.
This VC fund, which is the largest in Africa, is dedicated to the growth of tech startups on the continent. Alongside this development, Partech is announcing its presence in East Africa as they welcome Caesar Nyagah as a Nairobi-based team member and Investment Officer. Nyagah joined Partech Africa in January 2019 to help boost the fund’s activity in the East African region, while the rest of the team operate from Dakar, Senegal.
A Major African Player
Partech Africa has gained assists from a league of investors from across the specter and all over the world, which a disclosure to WeeTracker puts at above 40. With this final closing, the Africa-focused investment firm has confirmed its position as a major go-to platform for tech financing on the continent, with a strong capability to leverage much more capital thanks to its partners.
“We are really proud to see major global investors rally around our vision and ambition to support extraordinary entrepreneurs building digital champions for Africa and emerging markets,” said Cyril Collon, General Partner at Partech. “Our first investments in Yoco and Trade Depot provide strong showcases of how these champions can transform whole sectors such as retail and payments in this region”, he added.
The fund is positioned for series A and B financing rounds in startups changing the way technology is used in education, mobility, finance, delivery, and energy among others. It has already made two investments in 2018: TradeDepot, in Nigeria, and Yoco, in South Africa, and is expected to close even more deals in 2019.
All the major financial institutions driving investment in Africa joined in backing the fund: joining the European Investment Bank (EIB), IFC, member of the World Bank Group and Averroès Finance III. Partech Africa has now also brought in KfW, the German Development Bank, FMO, the Dutch Development Bank and the African Development Bank Group.
On the corporate side, Partech Africa was supported from the start by major global mobile operator Orange and leading emerging market actors such as Edenred and JCDecaux Holding. These pioneering investors have been joined by top tier global players such as Bertelsmann and L’Oréal as well as successful African champions such as Axian Group, TEXAF.
Partech Africa will also leverage the experience of 25+ successful entrepreneurs who have committed to support through the fund a new generation of game changers.A Growing Team of Experts
Partech Africa has also expanded its team with two investment officers joining General Partners Cyril Collon and Tidjane Dème while establishing a base in Kenya with Nyagah overseeing its operations.
Matthieu Marchand, previously working for the Partech Growth Fund joined the African team as Investment Officer in 2018. The team will also be reinforced by a business development officer, to boost the exposition of African startups to European and US markets and enable commercial contracts and long-term strategic partnerships.
“This is a pioneering work in Africa and we are very excited to onboard key talents such as Matthieu and Ceasar and work hard with them to set the standards for a new generation of Africa-based investors” commented Tidjane Deme. “After launching the Dakar office last year, it is also key for us to set now a base in East Africa with a Nairobi office”, explains Tidjane Dème, General Partner at Partech.
Partech is a global investment firm with offices in San Francisco, Paris, Berlin, and Dakar. It brings together capital, operational experience, and strategic support for entrepreneurs at seed, venture and growth stages across multiple continents, with over USD 1.2 Bn investment capacity. Investments range from USD 200K to USD 50M in a wide range of technologies and businesses for enterprises and consumers, from software, digital brands, and services, to hardware and deep tech across all major industries. The firm claims that backed companies have completed more than 20 initial public offerings (IPOs) and more than 50 strategic exits above USD 100M.
Featured Image: Financial Afrik