On March 8, 2024, in Abu Dhabi, United Arab Emirates, and Paris, France, Mubadala Investment Company (Mubadala), a global sovereign investor based in Abu Dhabi, and Bpifrance, the French public investment bank, announced their first joint investment in Partech Africa II. This tech venture capital fund, managed by the global technology investment firm Partech, focuses on the African continent.
Partech Africa II represents a significant milestone in the African financial landscape, reaching an impressive hard cap of 280 million euros. It is now recognized as the largest venture capital fund dedicated to tech startups in Africa. The fund aims to support African enterprises by providing initial tickets ranging from 1 to 15 million euros, as well as seed rounds up to Series C.
Catalyzing innovation and economic growth on the African continent
This investment also marks the first commitment made under the Africa co-investment partnership between Mubadala and Bpifrance, signed in 2021. Through this partnership, both entities aim to catalyze innovation and economic growth on the African continent.
Partech Africa I, the predecessor to Partech Africa II, has already demonstrated its impact by supporting a wide range of tech startups in 27 African countries. This diverse portfolio, covering sectors such as Fintech, Healthtech, logistics, and Edtech, attracted over 10% of venture capital investments in Africa in previous years.
Addressing the continent's growing technological challenges
“Africa is one of the fastest-growing venture capital markets in the world, and we are delighted to announce our first investment as part of the 350 million euro Africa co-investment partnership with Bpifrance, commented Andres Rodenas de la Vega, Head of Investment Program in France at Mubadala. We have built a strong relationship with Bpifrance through our investment program in France, and we are excited to continue our collaboration on future investments.”
“Building on the long-standing partnership between Partech and Bpifrance, both in France for several decades and in Africa since the launch of Partech Africa I in 2018, we are pleased and proud to renew our support for Partech in this second pan-African fund, which will address the continent's growing technological challenges, alongside Mubadala, a historic partner of Bpifrance”, said Isabelle Bébéar, Director of European and International Affairs at Bpifrance.
