FMO approves €25 million investment in Partech fund

The Dutch entrepreneurial development bank, FMO has approved a €25 million investment in the Partech Africa Fund Il.

FMO has approved a commitment to Partech Partners‘ second Africa fund, joining a group of other development finance institutions that have already agreed to back the planned €230 million venture fund. The Dutch development bank is investing €25 million into the fund which will target opportunities across the continent.

Partech Africa II’s strategy will mirror that of the Paris-headquartered venture firm’s initial fund. The fund’s investment team will source potential startups looking for seed through Series D capital, investing from €1 million to €15 million in each of its deals. Partech Africa I built a portfolio of 16 startups since it began investing, several of which are notable such as TradeDepot, the largest B2B marketplace for the FMCG sector in Nigeria, Yoco, the largest point-of-sales network for SMEs in Africa.

The fund intends to focus on early-stage funding, providing €1 million to €15 million initial tickets to talented African teams that are using tech to address large emerging market opportunities.

Partech Africa Fund Il is a generalist tech fund with target industries ranging from fintech to online and mobile consumer services, as well as mobility, supply chain services and digitisation of the informal economy.