39954 - PARTECH AFRICA S.L.P.

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Summary of Investment Information

Project Number

39954

Company Name

PARTECH AFRICA S.L.P.

Date SPI Disclosed

Sep 11, 2017

Country

Africa Region

Region

Africa

Projected Board Date

Dec 5, 2017

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Jan 10, 2024

Department

CDFVC - Disruptive Technologies and Funds/VC Funds and ISC Funds

Industry

Funds

Previous Events

Approved : Dec 5, 2017
Signed : Dec 18, 2017
Invested : Jan 22, 2018

Sector

Venture Capital Fund

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	35.51

Development Impact

i. Access to capital: Access to equity is difficult for asset light businesses such as technology firms. The Fund will help support the innovation, technology, and entrepreneurs in SSA. The IFC commitment will help improve access to the much needed long-term equity capital for emerging early-stage companies in SSA, where the startup funding space is still quite nascent compared with other emerging markets. ii. Job creation and economic growth: Based on IFC's experience, venture capital funds contribute meaningfully to job creation and economic growth. iii. Governance, operational and E&S improvements: IFC will guide and ensure that local businesses implement best practices in various fields

i. Creating new markets: Encouraging the development of the nascent venture capital ("VC") asset class on the African continent. Both from an aggregate VC investment per capita and VC investment as percentage of GDP perspectives, Africa consistently ranks the lowest. IFC's investment will help develop the VC eco-system in Africa, which will create a stronger venture investment market in SSA. ii. Co-investments and knowledge sharing: IFC is expected to provide unique resources and experience by way of IFC's sector experience and extensive portfolio in financial services, healthcare, internet and technology, which would be relevant for portfolio companies of the Fund. IFC's presence as a potential co-investment partner/ follow-on investor through IFC's Venture Capital team will provide the fund manager and its portfolio companies additional growth capital. iii. E&S: IFC's focus on environment and social sustainability will ensure that best practices continue to get passed on to investee companies.

E&S Category Rationale / Risks and Mitigation

The proposed project entails an equity investment in Partech Africa Fund, a Venture Capital Fund focused on businesses in the technology sector in Sub-Saharan Africa. The project has been categorized as FI-3 according to IFC’s Environmental and Social Sustainability Policy. The prospective clients to be supported by Partech Africa entail business activities that are expected to have minimal or no adverse environmental or social risks and impacts. The Applicable Requirements for the project are the IFC Exclusion List, and the relevant national E&S laws and regulations in the countries where portfolio companies are located. The Fund Manager will be required to develop and implement a simple environmental and social review procedure. In addition, the Fund Manager will need to inform IFC of any material change in the nature or scope of its portfolio activities.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
Almentor	Egypt, Arab Republic of	X-XY - Other
Chatdesk	Nigeria	X-XY - Other
Djamo	Côte d`ivoire	X-XY - Other
Fetchr	Arab Republic of Egypt	E-AE - Other (Including General Freight Trucking)
Freterium	Morocco	X-XY - Other
Gebeya Inc	Ethiopia	X-XY - Other
Inyad	Morocco	X-XY - Other
Moneyfellows	Egypt, Arab Republic of	X-XY - Other
Nomba	Nigeria	X-XY - Other
Reliance Health	Nigeria	X-XY - Other
Terrapay	Ghana	X-XY - Other
Tradedepot	Nigeria	X-XY - Other
Tugende	Uganda	X-XY - Other
Vendease	Nigeria	X-XY - Other
Wave Holdings	Senegal	X-XY - Other
Wave Mobile Money	Senegal	O-MG - Mobile channel service providers
Yoco	South Africa	O-ME - Online payments, ecommerce payments
Zepz	United Kingdom	O-MA - Money transfer, remittances

Contacts

For Inquiries About the Project, Contact

Partech Partners
General Partners
General Partners
+33 1 53 65 65 53
contact@partechventures.com
18, Avenue de Messine, 75008 Paris, France
www.partechventures.com

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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