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Proparco Invests $60M in Francophone Africa Tech Fund

By Varun MittalProparco Invests $60M in Francophone Africa Tech Fund

Proparco commits $60M to EmergingTech Ventures Fund II, boosting early-stage tech startups in Morocco, Tunisia, Senegal, and Côte d’Ivoire.

Proparco Boosts Francophone Africa’s Tech Ecosystem with $60M Fund Backing

Proparco, through its FISEA fund, has committed as a cornerstone investor to EmergingTech Ventures Fund II. This new venture capital fund, managed by EmTech Capital, targets $60 million to fuel early-stage technology startups across Francophone Africa.

Investment Details & Scope

The fund aims to support high-potential tech companies, focusing on crucial pre-Series A and Series A funding rounds.

  • Target Raise: $60 million (potential to reach $80 million)
  • Geographic Focus: Morocco, Tunisia, Senegal, and Côte d’Ivoire
  • Sector Coverage: Deeptech, fintech, digital services, healthtech, edtech, agritech, and cleantech

Building on Past Success

EmergingTech Ventures Fund II builds upon the achievements of EmTech’s initial fund, which successfully raised $22 million. That first fund primarily invested in Morocco.

Both Proparco and EmTech Capital highlighted the partnership’s role in fostering digital entrepreneurship and a robust technology ecosystem across the region.

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