Mubadala and French public investment bank Bpifrance have co-invested in Partech Africa II, the latest Africa-focused venture capital fund launched by global tech investment firm Partech, Wam reports. The value of the co-investment was undisclosed.

The co-investment marks the initial commitment within Mubadala and Bpifrance’s EUR 350 mn (AED 1.4 bn) Africa partnership that was announced in June 2021. Both parties had planned to invest in high-growth African startups, SMEs, and mid-market companies through funds and direct investments, The National writes.

Partech Africa II, capped at EUR 280 mn, stands as the largest venture capital fund exclusively designed for African startups,according to a Partech press release. The fund provides initial investments with ticket sizes ranging from USD 1 mn to USD 15 mn to startups throughout from seed to series C rounds. The fund has secured backing from more than 40 international investors to date, including commercial entities, family offices, and major Development Finance Institutions.

REMEMBER- Dubai Future District Fund (DFDF) participated in Africa II fund’s close last month, it said in a statement (pdf). DFDF’s exact investment was not disclosed.

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