Abu Dhabi’s Mubadala, Bpifrance Join Forces to Co-invest in Africa-Focused Technology Fund

Abu Dhabi’s Mubadala, Bpifrance Join Forces to Co-invest in Africa-Focused Technology Fund

– Mubadala Investment Company and Bpifrance collaborate on Partech Africa II, a venture capital fund focused on African startups.

– The fund, capped at €280 million, is the largest of its kind dedicated to technology startups in Africa.

– Investments range from $1 million to $15 million, supporting African companies across various sectors and growth stages.

Mubadala Investment Company, a sovereign investor headquartered in Abu Dhabi, and Bpifrance, the French public investment bank, have joined forces to invest in Partech Africa II, the latest Africa-focused venture capital fund by global technology investment firm Partech, according to media reports.

This marks the inaugural investment by the two entities through their Africa co-investment partnership.

Notably, Bpifrance had previously invested in Partech’s initial Africa fund, which concluded with a final close of 125 million Euros ($135.9 million) in January 2019.

With a total commitment hitting its hard cap at 280 million euros, Partech Africa II now stands as the largest venture capital fund exclusively dedicated to technology startups in Africa, as stated in an official release.

The fund is poised to provide initial investments ranging from $1 million to $15 million, covering Seed to Series C rounds, aimed at bolstering African companies and their founders in their growth endeavors, both domestically and internationally, across various sectors.

Andres Rodenas de la Vega, Head of the France Investment Program at Mubadala, expressed enthusiasm, stating, “Africa represents one of the globe’s swiftest-growing venture capital markets, and we are thrilled to announce our initial investment through the 350 million euros Africa co-investment partnership with Bpifrance.”

First introduced in 2021, the partnership is geared towards deploying funds through both fund and direct investments in private equity and venture capital, with a specific focus on high-growth African startups, SMEs, and mid-caps.

Partech Africa I currently boasts a portfolio spanning 27 countries on the continent, encompassing a diverse array of sectors such as fintech, health tech, logistics, and edtech.

According to a release, this portfolio has captured over 10% of the venture capital investments in Africa during 2021 and 2022.

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