Partech has doubled its Africa VC fund to $143 million and opened a Nairobi office to complement its Dakar practice.
The Partech Africa Fund plans to make 20 to 25 investments across roughly 10 countries over the next several years, according to General Partner Tidjane Deme. The fund has added Ceasar Nyagha as Investment Officer for the Kenya office to expand its East Africa reach.
Partech Africa will primarily target Series A and B investments and some pre-series rounds at higher dollar amounts. “We will consider seed-funding—what we call seed-plus—tickets in the $500,000 range,” Deme told TechCrunch on a call from Dakar.
Also read: Africa-focused fund managers raised $1.094B in 2018
Headquartered in Paris, Partech has offices in Berlin, San Francisco, Dakar, and now Nairobi. To bring the Arica fund to $143 million the VC firm tapped a number of other funds, several undisclosed corporate venture arms, and development finance institutions.
They include Averroes Finance III, the IFC, the EBRD, and African Development Bank. Deme would not list figures, but confirmed: “the IFC and European Bank for Reconstruction committed the largest amounts.”
Source: TechCrunch.