The global venture capital firm Partech, which manages several funds, said that the first closing of Partech Africa II had raised 245 million euros, making it the largest and most successful Africa-focused fund to date.
Tidjane Deme and Cyril Collon, the firm’s managing partners, say they want to invest in early-stage and growth-stage startups across Africa. They had hoped to raise about €230 million for their second African fund but only raised €150 million before the first closing.
In the past two years, the global VC firm Partech has opened three funds focusing on different parts of the world and other parts of the economy. There is a $750 million growth fund and a $100 million fund for new businesses.
Partech’s first African fund gave money to seventeen early-stage startups from nine different countries in Series A and B funding rounds.
The company says its portfolio has helped more than a million merchants and twenty million customers across Africa.
We do invest in late-stage firms. This is why we have a million-dollar threshold; it enables us to begin the project sooner. “Collon added, “We’ll keep trying to get ahead of talented teams before they start raising money.”
Partech Africa will give money to more than 20 Series A and B startups in fintech, edtech, health tech, mobility, and other fields.