Skip to content Skip to Search
Skip navigation

UAE funds back investments in African startups

Partech Africa II has hard capital of $305 million, making it the largest venture capital fund for technology startups in Africa Unsplash.com/Desola Lanre-Ologun
Partech Africa II has hard capital of $305 million, making it the largest venture capital fund for technology startups in Africa

Abu Dhabi’s Mubadala Investment Company and French national investment bank Bpifrance have co-invested in an Africa-focused venture capital fund.

At the same time, Dubai Future District Fund, launched in 2020 by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum, has also invested in the Partech Africa II VC fund.

The capital investments of the two funds were not disclosed.

Partech Africa II, launched by Paris-headquartered technology investment firm Partech, has hard capital of €280 million ($305 million), making it the largest VC fund for technology startups in Africa.

The fund will provide $1 million to $15 million in initial tickets from seed to series C rounds to support the global expansion of African companies and startups.

“Africa is one of the world’s fastest-growing markets for venture capital, and we are delighted to announce our first investment through the €350 million Africa co-investment partnership with Bpifrance,” said Andres Rodenas de la Vega, head of the France investment programme at Mubadala.

The two companies agreed in June 2021 to deploy up to €350 million through fund and direct investments in private equity and venture capital into African startups and small and medium-sized enterprises.

In a separate statement, Partech said that the oversubscribed final closing allowed new categories of global institutions from the US and Middle East pension funds and sovereign funds.

The new strategic investors include Dubai Future District Fund and Africa Re.

Bpifrance is also an investor in Partech’s first Africa fund, which achieved a final close of €125 million in January 2019.

Partech Africa I comprises a portfolio that operates in 27 countries across various sectors, from fintech to healthtech, logistics, and edtech. This portfolio attracted more than 10 percent of the VC investments in Africa in 2021 and 2022.

Latest articles

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

The Khazna facility will raise utility Ewec’s total installed solar PV capacity to 5.5 gigawatts

Developers sought for Abu Dhabi’s Khazna solar plant

Emirates Water and Electricity Company (Ewec) is seeking developers to build a 1,500 megawatt solar power facility in Abu Dhabi as the emirate ramps up its green energy drive. The utility has issued a request for proposals to qualified companies that have expressed interest in developing the Khazna Solar Photovoltaic project. A total of 27 […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]