TLDR:
- African venture capital rebounds with Partech Africa’s second fund
- Global LPs reinvest in the fund, with some doubling their commitments
Africa experienced a slowdown in venture capital funding last year, but Partech Africa’s second fund is signaling a rebound. Nearly all limited partners in Partech Africa’s first fund reinvested in its second fund, with some doubling their commitments. The fund secured €280 million ($304.5 million) and aims to address technological challenges in Africa, including education, mobility, healthcare, digitalization, energy, and financial inclusion. The fund will invest in African tech companies from seed to Series C rounds, supporting startups like TradeDepot, Pivo, and Tugende. Strategic investors from the US, Middle East, and Africa, including France’s Bpifrance and the UAE’s Mubadala Investment Company, are supporting the fund. Partech Africa’s success highlights the potential for growth and innovation in the African tech sector.
