Partech’s Second Africa Fund Closes at $323 Million, Grows Team and Investments

Partech, a global tech investment firm, has just finished raising its second Africa fund, Partech Africa II, hitting its hard cap at $323 million. 

This move comes alongside the opening of a new office in Lagos, expansion of the team, and a broader investment portfolio.

Originating in San Francisco and now based in Paris, Partech boasts a 40-year legacy and is recognized as a leading investor in the global tech scene. Its extensive portfolio spans over 220 companies across 40 nations, including Africa, Asia, Europe, and the US.

Partech Africa, headquartered in Dakar, Senegal, focuses primarily on Series A and B equity rounds for startups leveraging technology in sectors like finance, commerce, education, mobility, and healthcare.

With a strong initial closing last year, Partech Africa II has now sealed its final closing at $323 million, attracting not only previous fund investors but also new top-tier investors entering the African VC ecosystem.

This oversubscribed final closing has welcomed new players like US and Middle Eastern pension funds and sovereign funds, along with strategic investors like Africa Re and Dubai Future District Fund (DFDF), joining earlier supporters such as Orange, AXIAN Investment, and the African Development Bank Group (AFDB).

Cyril Collon, general partner at Partech, expressed gratitude for the continued support from existing investors and the confidence shown by new strategic partners, marking their initial foray into African tech.

Partech Africa II plans to double down on its investment strategy across the continent, with ticket sizes ranging from $1 million to $15 million for seed to Series C rounds. 

The fund has already made three investments, including a real-estate platform in Egypt, a payment orchestration startup in South Africa, and an e-commerce platform in Senegal, with plans to expand the portfolio to over 20 companies across Africa.

Tidjane Deme, general partner at Partech, highlighted the expansion of the team and presence on the continent, with the addition of senior investment officer Tito Cookey-Gam and the opening of a Lagos office, aiming to provide stronger support for entrepreneurs with operations in Dakar, Nairobi, Dubai, and now Lagos.