Partech Ventures, a transatlantic venture capital firm, with offices in San Francisco, Paris, Berlin & Dakar, announces that it has launched Partech Africa, a major VC fund dedicated to digital champions with Pan-African ambitions, with their new offices in Dakar.
Partech Ventures on the announced the launch of its Partech Africa fund, which has secured above €57 million commitments toward its target size €100 million, making it the first technology fund of such size from a top tier international VC to be exclusively dedicated to the fast-growing tech ecosystem in Africa.
Partech Africa intends to focus on early stage growth funding, providing €0.5 to €5M initial tickets to talented African teams using tech to address large emerging market opportunities. Partech Africa is a generalist tech fund with target industries ranging from Financial Inclusion (Fintech, InsurTech, new distribution models) to online and mobile consumer services (commerce, entertainment, education, digital services), as well as mobility, supply chain services and digitization of the informal economy.
The fund launches in the context of an emerging and fast-growing market. “Tech VC investment in Africa, with ticket sizes from 200K to $40M, has grown almost 10x from $40M in 2012 to $367M in 2016, and is already growing faster than projected $1B annually by 2020” explains Cyril Collon, the General Partner of Partech Africa. “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.” he adds.
Partech Ventures says Partech Africa which is an integral part of the global Partech platfrom, will also benefit from the firm’s collective industry expertise and unique portfolio support and business development capability. Tidjane Dème added that with hands-on operational team closing more than 70 transactions per year, Partech is bringing great value to African founders and their dedicated business development team will expose African startups to the European and US markets.
Partech Africa is supported by major financial institutions led by IFC, a member of the World Bank Group, including the European Investment Bank (EIB) and Averroès Finance III. it is also backed by corporate investors led by major global mobile player Orange and leading emerging markets players such as Edenred and JCDecaux Holding.
Philippe Collombel, the co-Managing Partner of Partech Ventures, said they were pleased to be present on 3 continents and the African headquarters in Dakar, Senegal is opened, not just for being global, but for a better and more comprehensive understanding of all tech trends and disruptions.
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