Partech has doubled its Africa Fund to US$143 million to become the largest VC fund dedicated to technology startups in Africa. Backed by a unique set of financial institutions including joining ones like German Development Bank, the Dutch Development Bank and the African Development Bank Group, major corporate partners like Bertelsmann and L’Oréa and and more 25 other successful entrepreneurs, the fund has also announced the opening of its East Africa office with Ceasar Nyagah joining the team as Investment Officer based in Nairobi, Kenya.
The Partech Africa fund will be looking to invest in series A and B financing rounds in startups which are changing the way technology is used in education, mobility, finance, delivery, energy, etc. It has already made two investments in 2018: TradeDepot, in Nigeria, and Yoco, in South Africa, and is expected to close even more deals in 2019.
“We are really proud to see major global investors rally around our vision and ambition to support extraordinary entrepreneurs building digital champions for Africa and emerging markets,” said Cyril Collon, General Partner at Partech. “Our first investments in Yoco and TradeDepot provide strong showcases of how these champions can transform whole sectors such as retail and payments in this region”.
Partech Africa has also expanded its team with two investment officers joining General Partners Cyril Collon and Tidjane Dème.
Matthieu Marchand, previously working for the Partech Growth Fund joined the African team as Investment Officer in 2018. The rest of the team is based in Dakar, Senegal, and Ceasar will help boost the activity of the fund in East Africa.
“This is a pioneering work in Africa and we are very excited to onboard key talents such as Matthieu and Ceasar and work hard with them to set the standards for a new generation of Africa-based investors” commented Tidjane Deme. “After launching the Dakar office last year, it is also key for us to set now a base in East Africa with a Nairobi office”, explains Tidjane Dème, General Partner at Partech.