The largest Africa-focused fund to date, Partech Africa II has reached its first close at €245 million (about $263 million). One of three funds, including a $750 million growth fund and a $100 million seed fund that is aimed at different countries and industries around the world, launched by the international venture capital business in the previous two years is Partech Africa II.
The first fund, Partech Africa I, which was announced in 2018 and closed at $143 million, is likewise a counterpart to this one. African companies raised more than $5 billion this year, or $6.5 billion when debt financing is included, as opposed to the $1.16 billion reported in 2018. Fintech, retail and FMCG, agency banking, and health technology are among the industries they intersect.
These startups are profiting from expanding consumer and commercial demand as well as easier access to digital infrastructure. Over a million merchants and 20 million end consumers on the continent have benefited from Partech Africa’s portfolio. According to Partech, more than 10% of the money that poured into the continent between 2021 and 2022 was attracted to its startups.
For the second fund, Partech Africa will continue to follow this course of action. The venture capital company still intends to support Series A and B businesses in a variety of industries, including fintech, health tech, logistics, mobility, and ed-tech, but it is tripling the upper end of its ticket size to $15 million. The business plans to invest its money in more than 20 startups from Fund II.