Sh10bn fund targets Kenya tech startups

Partech Ventures has launched a Sh10 billion ($100 million) investment fund targeting tech startups in Africa, with Kenya being one of the key focus countries.

The venture capital firm said it has so far secured commitments of more than Sh7.2 billion ($70 million) for the Partech Africa fund. Its investors include the International Finance Corporation (IFC), which has put in Sh1.9 billion (15 million euros).

Partech will provide early-stage growth funding of between Sh63 million (500,000 euros) and Sh630 million (five million euros) to startups in the region.

The IFC, in a statement, said this is expected to be the “largest venture-capital fund focused on digital technology startups in sub-Saharan Africa”.

The fund is open to all African countries but eight nations, including Kenya, Nigeria and Tanzania, have been identified as having the strongest need for venture capital money. Other investors in the Partech Africa fund include the European Investment Bank and Averroes Finance III.

Source: Business Daily

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