• Partech Closes Its Second Africa Fund At $300M+ to Invest in Series C

  • Feb 21 2024
  • Length: 2 mins
  • Podcast

Partech Closes Its Second Africa Fund At $300M+ to Invest in Series C

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  • Summary

  • Partech has closed its second Africa fund, Partech Africa II, at $300 million+, just one year after reaching its first close.
    Partech Africa, which originally targeted €230 million before its fundraising efforts started, solidifies its position as the largest fund dedicated to African startups.
    Amidst a backdrop of global VCs and institutional investors pulling back from Africa, Partech Africa’s recent fund closure is significant.
    The continent witnessed a notable decline in investor activity, with a 50% decrease in 2023 compared to the previous year, as highlighted in a Partech report.
    This retreat, influenced by global economic shifts and local challenges, translated into reduced venture capital inflows for African startups, totalling between $2.9 billion and $4.1 billion last year, down from $4.6 billion to $6.5 billion in 2022.

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