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Partech Ventures announces launch of Africa fund, having secured €57m so far

Silicon Valley fund Partech Ventures has announced the launch of its Partech Africa fund, which has secured over €57-million commitments so far.

In a press release today Partech Ventures said it aims to raise €100-million to invest in early-stage African startups, with the average deal sized expected to range between €500 000 and €5-million. The fund will operate out of Partech Ventures’s new offices in Dakar.

Partech Ventures, founded in 1982 in Silicon Valley, claims the fund is the first technology fund of such size from a top tier international venture capital (VC) fund to be exclusively dedicated to the tech ecosystem in Africa.

The fund will invest in startups that focus on financial inclusion to online and mobile consumer services, as well as mobility, supply-chain services and digitisation of the informal economy.

Partech Africa general partner Cyril Collon said the launch of the fund comes at a time when tech VC investment in Africa with ticket sizes from $200 000 to $40-million, has grown almost 10 times from $40-million in 2012 to $367-million in 2016.

Partech Ventures aims to raise €100-million to invest in early-stage African startups, with the average deal sized expected to range between €500 000 and €5-million

“Most investment rounds so far have been led by US or EU-based investors. The ecosystem is ready for local players, with African teams being able to finance the best African startups,” said Collon.

Tidjane Dème, also a general partner at Partech Africa, said with a very hands‐on operational team closing more than 70 transactions per year, Partech will bring great value to African founders.

“Moreover, thanks to our global network of corporate partners, our dedicated business development team will expose African startups to European and US markets, enable commercial contracts and long‐term strategic partnerships,” he said.

The launch of Partech Africa is supported by major financial institutions led by the IFC, member  of the World Bank Group, and including the European Investment Bank (EIB) and Averroès Finance III, a fund of funds managed by Bpifrance and co‐sponsored with Proparco.

Partech Africa is also backed by corporate investors led by major global mobile player Orange and including leading emerging markets players such as Edenred and JCDDecaux Holding.

Featured image: Partech Africa general partners Tidjane Dème (left) and Cyril Collon (right) (Supplied)