The global VC firm Partech has announced the first closure of Partech Africa II has reached a total of 245 million euros.
This is the most successful and largest Africa-focused fund to date, by the company which manages multiple funds.
The firm aims to invest in early and growth-stage startups across Africa and hoped to raise roughly €230 million for its second African fund before it reached a first closure at €150 million.
“Over one million merchants and twenty million consumers across Africa have benefited from Partech Africa’s portfolio. We do make investments in late-seed companies. This is why we employ a million-dollar threshold; it allows us to start the project sooner. We’ll keep trying to make sure we can preempt talented teams before they ever start raising money,” the company says.
Also, the firm has opened three funds over the past two years which are focused on different regions and sectors of the economy.
These funds include a $750 million growth fund and a $100 million startup fund.
Partech’s first African fund backed seventeen early-stage startups in Series A and B funding rounds from nine different nations.
More than 20 Series A and B startups in the fintech, ed-tech, health tech, mobility, and other sectors will get funding from Partech Africa.