Partech Raises Over $300M in Second Africa Fund Amidst Global VC Retreat

Partech Raises Over $300M in Second Africa Fund Amidst Global VC Retreat

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#venture capital
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#funding
Amid a global decline in investor activity in Africa, Partech successfully closes its second Africa fund at over $300 million, reaffirming its commitment to support African startups. The fund, focusing on seed to Series C rounds, aims to provide stability and assistance to startups navigating challenging times in the continent's evolving investment landscape.

Venture capital firm Partech has closed its second Africa fund, Partech Africa II, at over $300 million, making it the largest fund dedicated to African startups. The fund comes at a crucial time, with a notable decline in investor activity in Africa, influenced by global economic shifts. Partech Africa's focus on seed to Series C rounds aims to provide stability and support for startups facing reduced venture capital inflows. The firm plans to back over 20 companies, with investments ranging from $1 million to $15 million, prioritizing sectors such as fintech, agritech, health tech, retail, FMCG, and agency banking. The diverse investor base includes U.S. and Middle Eastern pension funds, sovereign funds, and strategic investors from the Dubai Future District Fund and the African Reinsurance Corporation. Partech Africa's commitment underscores ongoing investor interest in Africa's growth potential despite challenges in raising capital.


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