Abu Dhabi’s Mubadala Investment Company and France’s national investment bank Bpifrance Invest in Partech Africa II
Abu Dhabi’s Mubadala Investment Company and France’s national investment bank Bpifrance have announced their joint investment in Partech’s new Africa-focused venture capital fund, Partech Africa II. This collaboration is part of their strategic plan to build a diversified global portfolio of assets. With a hard cap of €280 million, Partech Africa II is recognized as the largest venture capital fund dedicated to tech startups in Africa.
The investment in Partech Africa II is the first commitment under the €350 million Africa co-investment partnership between Mubadala and Bpifrance, which was unveiled in June 2021. Reflecting the growing venture capital market in Africa, Mubadala’s France Investment Programme head, Andres Rodenas de la Vega, emphasized the continued strong partnership with Bpifrance. The objective is to support high-growth African startups through both fund and direct investments.
The new fund aims to provide financial support ranging from $1 million to $15 million for Seed to Series C funding rounds. It will focus on sectors such as FinTech, HealthTech, logistics, and EdTech, and will target companies operating in 27 countries across the African continent.
Bpifrance’s Isabelle Bebear expressed pride in renewing their support for Partech in this venture, highlighting the collaborative effort with Mubadala. Khaldoon Al Mubarak, the CEO of Mubadala, emphasized the investment strategy’s focus on attractive opportunities in key markets, regardless of geopolitical considerations.
Mubadala has been expanding its investment interests beyond Africa. The company has recently made investments in India’s Manipal Health Enterprises and entered into a $1 billion partnership with Goldman Sachs for private credit opportunities in the Asia-Pacific region. Additionally, Mubadala has collaborated with Aldar Properties and Ares Management to establish a new European property credit platform.
Looking ahead, Mubadala’s future investment interests include areas such as artificial intelligence and space technology. Through its strategic partnerships and investments, Mubadala aims to leverage opportunities in emerging markets and drive sustainable economic growth.
Analyst comment
Positive news: Abu Dhabi’s Mubadala Investment Company and France’s Bpifrance joint investment in Partech’s new Africa-focused venture capital fund, Partech Africa II, reflects their commitment to support high-growth African startups. With a hard cap of €280 million, it is the largest fund dedicated to tech startups in Africa, signaling the growing venture capital market in the region. The fund aims to provide financial support for startups in promising sectors and 27 African countries. Mubadala’s expansion into other regions and future focus on AI and space technology indicate a strategic drive for sustainable economic growth.
