Partech Africa, the global VC fund, has closed “Partech II,” its second Africa-focused fund, at $300 million to invest in African startups in multiple sectors. It is the largest Africa-focused fund, doubling Partech’s first fund, which closed at $143 million in 2018. The new fund will focus on investing in seed to Series C rounds with ticket sizes ranging from $1 million to $15 million.  

Partech’s close comes as funding for Africa fell by 36% last year, and more than half of investors pulled back on funding African startups. The close comes a year after Partech hit its first close at $263 million and the new funding comes from US and Middle East pension funds, sovereign funds, and new “strategic investors” like Africa Reinsurance Corporation and Dubai Future District Fund (DFDF). 

“We are grateful for the support and commitment of our investors: almost all Fund I investors reinvested, and some more than doubled their commitment. We are also honored to get support from a new set of strategic investors from the US, the Middle East and Africa, and for some of whom, this marks their first commitment in African tech,” said Cyril Collon, General Partner at Partech.

Partech, one of the most active African venture stage investors last year, invested in startups like Wave, Yoco and Vendease in its first fund and has now invested in three startups, including Revio, a payment startup in South Africa and two other undisclosed startups in Egypt and Senegal with its second fund. 

Partech will also open a new office in Lagos, home to a third of its portfolio, as it expands its team and base in Africa. “With our presence in Dakar, Nairobi, Dubai and now Lagos, we are strengthening our support on the ground for entrepreneurs,” said Tidjane Deme, general partner at Partech.

*This is a developing story