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.