Bpifrance co-invests in global technology investment firm

  • Mubadala and Bpifrance jointly invest in Partech Africa II, which reached a hard cap of €280mn

  • Partech Africa II is the largest venture capital fund dedicated to technology startups in Africa

  • This is the first investment made through the Africa co-investment partnership between Mubadala and Bpifrance

Mubadala Investment Company (“Mubadala”), an Abu Dhabi-based global sovereign investor, and Bpifrance, the French public investment bank, today announced a joint investment in global technology investment firm Partech's latest Africa-focused venture capital fund, Partech Africa II.

This fund commitment by Mubadala and Bpifrance is the first investment made through their Africa co-investment partnership. Bpifrance is also an investor in Partech’s first Africa fund, which achieved a final close of €125 million in January 2019.

Today, Partech Africa I is comprised of a portfolio that operates in 27 countries on the continent, across a large set of sectors from Fintech to Healthtech, Logistics and Edtech. This portfolio has attracted more than 10% of the VC investments in Africa in 2021 and 2022.

Partech Africa II has now reached its hard cap of €280 million, making it the largest venture capital fund dedicated to technology startups in Africa. The Fund will provide $1 million to $15 million initial tickets from Seed to Series C rounds, to support African companies and founders on their growth journey in both local and international markets and to address some of the hard-to-solve but very wide opportunities the continent offers across all sectors.

Andres Rodenas de la Vega, Head of the France Investment Program at Mubadala, said: “Africa is one of the world’s fastest growing markets for venture capital, and we are delighted to announce our first investment through the €350mn Africa co-investment partnership with Bpifrance. Over the years, we have developed a strong working relationship with Bpifrance through our France Investment Program, and we look forward to continuing our close collaboration on a number of investments going forward.”

Bpifrance’s Head of European and International Affairs, Isabelle Bébéar, said: “Bpifrance has been a long-standing supporter of Partech, in France for several decades and in Africa since the launch of Partech Africa I in 2018. We are pleased and proud not only to renew our support to Partech for this second pan-African fund that will address the continent's growing technological challenges, but to do so alongside, Mubadala, another historical partner.”