ImpactAlpha, February 13 – French impact investor Investisseurs & Partenaires has reached a second close for its I&P Afrique Entrepreneurs 2 fund. The fund, which invests in African startups working on issues related to the U.N. Sustainable Development Goals, has raised €75 million ($84.4 million) since launching in late 2017.
Investisseurs & Partenaires (I&P) manages four funds designed to build impact entrepreneurship and a sustainable private sector in Africa. The firm has already made four investments from I&P Afrique Entrepreneurs 2, including agri-processing company Afribon, reproductive health provider PROCRÉA, and two companies in the jobs and professionals skills sector: African Management Initiative and CoinAfrique. Prior to that, it made 33 seed-stage investments in high-impact startups from its €11 million I&P Développement 1 and 29 growth-stage investments from its €54 million I&P Afrique Entrepreneurs 1.
In addition to I&P’s entrepreneurship funds, the firm’s I&P Développement 2 fund helps launch and seed other African investment funds. As of October, the fund had raised €21 million and launched and seeded five funds, each with €1 to €7 million in capital. Its goal is to sees 10 investment funds across the continent that will back 550 early stage companies.
I&P Afrique Entrepreneurs 2 is backed by the Belgian Investment Company for Developing Countries (BIO), the Dutch Good Growth Fund, Bpifrance, Crédit Coopératif, FPS Mirova Solidaire, and an investment fund by World Bank’s International Development Association. I&P is looking to raise €80 to €90 million in total.