DFDF participates in $300M second close of Partech Africa II

Global technology investment firm Partech has closed its second Africa fund, Partech Africa II, with a $300 million hard cap. The firm has also opened a new office in Lagos and is recruiting.

The final closing of Partech Africa has attracted global institutions, including the US and Middle East pension funds and sovereign funds, as well as strategic investors Africa Re and Dubai Future District Fund, joining existing supporters Orange, AXIAN Investment, and AFDB, according to Wamda.

The firm said it plans to expand its investment strategy across Africa, offering Seed to Series C rounds with initial tickets ranging from $1 million to $15 million.

The fund supports African companies and founders in local and international markets, with three investments currently in Egypt, South Africa, and Senegal.

“We are grateful for the support and commitment of our investors: almost all Fund I investors reinvested, and some, more than doubled their commitment. We are also honoured to get support from a new set of strategic investors from the US, the Middle East and Africa, and for some of whom, this marks their first commitment to African tech,” said Cyril Collon, General Partner at Partech.

The fund has received support from over 40 international investors, including commercial investors like South Suez and Bertelsmann, family offices, and major development finance institutions. DFIs like KfW, Deutsche Entwicklungsbank, EIB, IFC, FMO, Bpifrance Investissement, BII, DEG, and Proparco, along with anchor investors, are listed.

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The final closing announcement comes amid a 50% decrease in investors in the African tech ecosystem, as highlighted in the 2023 Africa Tech Venture Capital Report. The company emphasises anchoring rounds at all stages to foster technology companies that create transformative value for African economies and shape global innovation.

“We are also expanding our team and footprint on the continent. We are excited to have senior investment officer Tito Cookey-Gam join the team to open our office in Lagos, home to almost a third of our portfolio. With our presence in Dakar, Nairobi, Dubai and now Lagos, we are strengthening our support on the ground for entrepreneurs,” said Tidjane Deme, General Partner at Partech.

The firm is seeking a senior profile in "Portfolio Strategy & Operations" and a Lagos-based investment analyst to drive value creation and exit building.