IFC to invest $26 million in Africa-focused venture fund

Oluwajuwonlo Afolabi -

The arm of the World Bank, International Finance Corporation (IFC) has disclosed its intention to invest $26 million in  Partech's Africa Fund II (PAF) to support startups in Africa.

  • The capital will be invested in seed to Series D rounds of African startups and follow-on rounds of top portfolio firms.
  • Fund I launched in 2019 at $143 million with support from the European Investment Bank, the Dutch Development Bank, and the African Development Bank.
  • Launched in 2018, Partech Fund invests in startups with activities in Africa including fintech, edtech, and insurtech firms among others, with existing investments in Nigeria's TradeDepot, South Africa's Yoco, and a series of others.