Partech Africa has announced the close of its second African-focused fund worth $300 million.
According to a LinkedIn post by the VC firm, this fund is double the $143 million it raised in 2018. “The new fund will focus on investing in seed to Series C rounds with ticket sizes ranging from $1 million to $15 million,” it said.
Paratech’s close comes as funding for Africa fell by 36 percent in 2022, with more than half of investors pulling back on funding African startups. While the market may look tough, the VC firm noted that this is the best time for African startups to build, as funding will concentrate on true innovation that generates high value for consumers and generates a high market share.
Cyril Collon, General Partner at Partech, said, “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 them, this marks their first commitment to African tech.”
“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,” Tidjane Deme, General Partner at Partech, added.
