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French impact investor group Investisseurs & Partenaires (I&P) — which last month announced the first investments in a new fund — has revealed the equity stakes it has taken in three African startups — including two tech firms.
Earlier last month I&P announced in a statement that its Afrique Entrepreneurs 2 (IPAE 2) fund had invested in Senegalese classifieds platform CoinAfrique, Nairobi-based social enterprise The African Management Initiative (AMI) and food flavour producer Afribon Group to its portfolio.
Although it did not disclose just how much it had invested in each of the three companies, I&P stated that the IPAE 2 fund’s investment ticket sizes can reach up to €3-million.
On Tuesday (30 October) I&P fundraising and communications officer Clémence Bourrin told Ventureburn in an email that the group had acquired a 16% stake in Afribon, 23% in AMI and 15% in CoinAfrique.
The fund, which was launched last year with a first closing of €50-million, aims to grow to €80-million. I&P is set to announce a second closing between €70-million and €75-million by the end of the year.
Over the next five years, I&P’s IPAE 2 fund aims to invest in between 30 and 40 startups and small businesses on the continent
The investor stated that over the next five years, the generalist fund aims to invest equity and quasi-equity in between 30 and 40 startups and small businesses in West and Central Africa, as well as in East Africa and Madagascar.
Bourrin explained that I&P has been active in West and Central Africa since its launch in 2002.
“We opened an office in Madagascar and we have a very good deal flow there. IPAE 2 will also invest in East Africa as this is a way for I&P to diversify the risks — both political and economic — and the region is very dynamic in terms of entrepreneurship,” she added.
CoinAfrique was founded in 2014 by Matthias Papet and Eric Genêtre. It is one of the first mobile marketplaces for French-speaking Africans with operations in 17 countries across Francophone Africa.
Last year, the startup was one of 20 selected to join the World Bank’s XL Africa programme. As part of its investment, I&P will strengthen the startup’s local sales teams.
AMI was founded in 2014 by Jonathan Cook and Rebecca Harrison. The social enterprise and elearning platform has developed over 45 practical business modules — which include over 2000 tools — with Africa’s leading business schools and global experts on adult learning. I&P plans to help the enterprise scale and expand into new markets.