The International Finance Corporation (IFC), the private sector arm of the World Bank, plans to make an equity investment of up to €25 million ($26.43) into the Partech Africa Fund II (PAF II) by the Paris-based VC firm Partech. The agency said it will commit a further €15 million ($15.9 million) for future co-investment opportunities together with the fund. The PAF II will invest in “seed to Series D rounds, and follow-on rounds in top portfolio companies,” according to records by the IFC. “IFC’s proposed investment in Partech Africa Fund is an equity investment of up to €25 million, not to exceed 20% of the total Fund commitment. The PAF II will be invested in early and growth tech startups across the continent, availing the much needed funding in the continent.

Source: The North Africa Journal June 11, 2022 11:07 UTC