Venture Capital: Two New Venture Funds Focus On Africa And Climate Investing
Partech closed on €245 million (~$263 million), while Planet A raised €160M (~$171 million).
Partech Africa
VC firm Partech Africa has reached the first close of its second African fund, Partech Africa II, at $263 million.
The firm initially aimed to raise $250 million for this its second African fund, but overwhelming interest from LPs caused it to surpass its initial target. The African fund will now aim to reach a final close of $300 million. (Tech Crunch)
Partech Africa II is one of three funds the global VC firm has launched in the last two years, including a $750 million growth fund and a $100 million seed fund. Partech’s first African fund invested in 17 startups at Series A and B stages across nine countries, focusing on deep economic sectors that are fragmented and informal in Africa.
The firm will stick to this strategy for Fund II and plans to back Series A and B companies in fintech, health tech, logistics, mobility, and edtech, among others, doubling the upper end of its ticket size to $15 million. (Tech Crunch)
Planet A Ventures
Planet A Ventures is a new European climate fund that recently closed its first fund with €160 million (US$ 171 million) in investments to support founders working on environmental problems. The fund’s investors include BMW, REWE, KfW Capital, and serial entrepreneurs. (Tech Crunch)
The fund differentiates itself by taking a “science-based” approach and has an in-house science team that conducts “life cycle assessments” on startups to determine their environmental impact. The science team has the power of veto over investment decisions and will only back startups with a significant positive impact on the environment.
Planet A Ventures has already invested in 14 early-stage green tech startups and will focus on sectors such as agriculture, energy, manufacturing, and transportation. The in-house science team will look at factors such as material flows, emissions, biodiversity protection, resource savings, and waste reduction.
Related Story: UNDP To Launch “Timbuktoo,” A $1B Investment Initiative For African Startups
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