This marks a significant increase from the initial $263 million raised in 2023, solidifying the fund’s position as the largest dedicated to African startups.

The second close saw participation from prominent investors like US and Middle Eastern pension funds, sovereign funds, the Dubai Future District Fund (DFDF), and the African Reinsurance Corporation (Africa Re).  

Partech, headquartered in Paris with offices in Dakar, Nairobi, Dubai, Berlin, and now Lagos, has a strong track record of investing in digital and tech companies at various stages.

 

Partech Africa II specifically targets seed and early-stage startups, providing much-needed support during critical phases of growth.

This focus on early rounds aligns with Partech’s commitment to fostering long-term development within the African tech ecosystem.

 

It also addresses the need for increased investment in this vital stage, especially considering the anticipated decline in overall investor activity due to global economic challenges.

“Partech Africa II is not just about capital,” says Tidjane Deme, General Partner at Partech. “Our expanding team will enable us to effectively deploy capital and offer comprehensive assistance to portfolio companies throughout their journey.”

Partech Africa II follows the success of Partech Africa I, which closed in 2018 for $143 million and currently supports a portfolio impacting over 1 million merchants and 20 million end users across Africa.

 

The first fund invested in 17 Series A and B startups from nine countries, including prominent names like TradeDepot, Wave, Yoco, Reliance, and Nomba.

Despite a predicted slowdown in African investor activity in 2023, Partech’s successful fund closure serves as a positive indicator for the future.