The Dubai Future District Fund (DFDF) has participated in the closing of partek global venture capital fund for its second fund focused on Africa, which bears the name “Africa Fund II”, as stated in a statement.
The Dubai Future District Fund is the main venture capital fund and direct investment platform in Dubai, investing in the future of Finance and the economics of the future.
The subscription at the final closing, for the “Africa II fund”, exceeded the maximum capital limit of 300 million dollars, which is the maximum capital that the fund aims to raise.
The second Africa Fund is expected to invest in technology startups on the continent, with initial funding ranging from one million to 15 million dollars in funding rounds.
Africa II focuses on investing in startups ” that use a combination of technology and excellent processes to address the toughest and biggest challenges facing the continent in various sectors, “said Tejan deem, ParTec’s general partner.
The fund has about 40 investors, including commercial investors as well as a number of international development institutions such as the Dubai Future district fund, the International Finance Corporation, the European Investment Bank and the British International Investment Corporation.
Africa has recently witnessed a sharp decline in venture capital funding during 2023, with the total funding falling by 46% year-on-year, and the number of deals by 28% year-on-year, according to Partech’s latest reports.
