US-based venture capital firm Partech Ventures has closed a €125m ($143m) fund aimed at startups in Africa, having raised capital from a host of limited partners.
Media group Bertelsmann, diversified conglomerate Axian Group, corporate services provider Edenred, outdoor advertising firm JCDecaux, personal care product manufacturer L’Oréal, telecommunications firm Orange and textile and industrial firm Texaf have also backed the fund.
The corporates were joined by development banks KfW, FMO and African Development Bank as well as French state-backed fund of funds Averroès Finance III, financial institution European Investment Bank and International Finance Corporation, the private sector arm of the World Bank.
Partech Africa was launched in January 2018 with a $123m target and initial commitments of $70m. It will invest in series A and B rounds for companies operating in areas such as education, mobility, finance, delivery and energy.
The fund led both rounds for its first two deals: a $3m series A round for Nigeria-based fast-moving consumer goods distribution platform TradeDepot in April and a $16m series B for South Africa-based payment technology developer Yoco in September.
Partech Africa has hired Ceasar Nyagah as an additional investment officer. He will be based in Nairobi, Kenya and will focus on east Africa, supporting the remainder of the team in Dakar, Senegal which is led by general partners Cyril Collon and Tidjane Dème.
