Abu Dhabi’s Mubadala Investment Company and France's national investment bank Bpifrance will jointly invest in global technology investment company Partech's latest Africa-focused venture capital fund – Partech Africa II, as it looks to build its portfolio of assets globally.
The Partech Africa II fund, which has reached a hard cap of €280 million ($304.4 million), is the largest venture capital fund dedicated to tech start-ups in Africa, the entities said in a statement on Wednesday.
The commitment by Mubadala and Bpifrance is the first investment made through their €350 million Africa co-investment partnership that was announced in June 2021.
“Africa is one of the world’s fastest growing markets for venture capital,” Andres Rodenas de la Vega, head of Mubadala’s France Investment Programme, said.
“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.
Mubadala is expecting capital deployments across artificial intelligence and space technology, Mr Al Mubarak said.
In February, Mubadala said it was investing in India’s Manipal Health Enterprises as part of its continued expansion in Asia’s third-largest economy.
In the same month, it also signed a $1 billion partnership with Goldman Sachs to co-invest in private credit opportunities in the Asia-Pacific region.
In December, it teamed up with Abu Dhabi's Aldar Properties and US alternative investment manager Ares Management to jointly invest $1 billion in a new European private property credit platform to tap into opportunities in the key markets of the region.
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Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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RedCrow Intelligence Company Profile
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If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
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