The investment firm has raised €57 million ($70 million) toward a €100 million fund to back growth-stage African fintech companies.
The fund, called Partech Africa, will invest €500,000 to €5 million in ventures focused on financial inclusion, online and mobile consumer services, supply chain management and “digitization of the informal economy.”
Cyril Collon, general partner of Dakar, Senegal-based Partech Africa, says tech venture capital in Africa is expected to reach $1 billion by 2020, up from $367 million in 2016.
The fund’s investors include the IFC, European Investment Bank, and corporate backers Orange and JCDecaux Holding.
