“We have developed a strong working relationship with Bpifrance through our France Investment Programme and we look forward to continuing our close collaboration on a number of investments going forward.”
The new fund aims to provide $1 million to $15 million initial tickets from Seed to Series C rounds.
As part of the Africa co-investment partnership, Mubadala and Bpifrance aim to deploy capital through fund and direct investments, with a focus on high-growth African start-ups, small and medium enterprises and mid-market companies.
Bpifrance is also an investor in Partech’s first Africa fund, which achieved a final close of €125 million in January 2019.
Launched in 2018, Partech Africa I comprises a portfolio that operates in 27 countries on the continent, across sectors such as FinTech, HealthTech, logistics and EdTech. The portfolio attracted more than 10 per cent of the VC investments in Africa in 2021 and 2022.
“We are pleased and proud not only to renew our support to Partech for this second pan-African fund that will address the continent’s growing technological challenges, but [also] to do so alongside, Mubadala, another historical partner,” said Isabelle Bebear, Bpifrance’s head of European and international affairs.
Mubadala is investing across key locations and new economic sectors, aiming to boost its footprint and build its portfolio of assets globally.
“Any investment venture would be based on the attractiveness of the opportunities that would be identified in the key markets we are focused on and not on geopolitical considerations,” Khaldoon Al Mubarak, group chief executive and managing director of Mubadala, said at the Investopia conference in Abu Dhabi last month.
Read more: The National News
