Partech, a global venture capital firm, has announced the first close of its largest African fund to date. The fund, which is targeting a total size of €300 million, has raised €245 million in the first close.
The fund, Partech Africa Ventures, will focus on early-stage investments in African startups across a wide range of industries, including fintech, healthtech, agtech, edtech, and enterprise software. The fund is being managed by Partech’s team of experienced African venture capitalists, including Ben White, Opeyemi Awoyemi, and Olumide Soyombo.
Partech has been investing in African startups since 2015 and has made more than 40 investments in the continent, including in startups such as Flutterwave, Jumia, and Andela. The firm has also invested in a number of African accelerators and incubators, such as MEST, Jokkolabs, and CcHub.
The new fund is being backed by a number of institutional investors, including the European Investment Bank, the French Development Agency, the International Finance Corporation, and the African Development Bank.
The fund’s first close is a major milestone for Partech and a sign of the growing investor interest in African startups. With the new fund, Partech is well-positioned to continue its support of the African startup ecosystem and help the continent’s entrepreneurs realize their ambitions.