Africa Tech Update: Partech Ventures Raises $70M for Africa Fund, Rensource Secures $3.5M for Solar Power

Partech Ventures raises $70 million for an Africa fund

Paris-based VC firm [Partech Ventures](https://www.crunchbase.com/organization/partech-international) has raised $70 million for a new Africa fund, aiming to invest in tech startups across the continent. The funds come from partners such as the European Investment Bank and Averroes Finance III. Managing partners [Cyril Collon](https://www.linkedin.com/in/cylincorlon) and [Tidjane Deme](https://www.linkedin.com/in/tidjanedeme) will manage the fund, with an emphasis on startups working in areas such as financial inclusion, mobile and online consumer services, mobility, supply chain services, and digitization of the informal economy. Initial funding rounds will be Series A or B, with follow-on rounds possible for well-performing companies. Partech plans to start interviewing startup candidates soon, with a focus on countries such as Nigeria, Ghana, Kenya, Tanzania, South Africa, Ivory Coast, and Cameroon.

**TPG Growth acquires TRACE**

U.S.-based private equity firm [TPG Growth](https://techcrunch.com/2018/01/19/tpg-growth-and-caas-investment-firm-evolution-media-buy-into-africas-music-business/) has acquired a majority stake (of an undisclosed value) in entertainment company [TRACE](http://trace.company/about-us/). TRACE is a global multimedia giant for African music and film content, with 200 million viewers and listeners in 160 countries, 30 mobile services, 21 pay TV channels, and 7 FM radio stations. TPG Growth will partner with TRACE’s co-founder and management to build a global leader for Afro-urban music and entertainment.

**Rensource secures $3.5 million for solar power in Nigeria**

[Rensource](http://www.rensource.energy/), a renewable energy startup based in Lagos, Nigeria, has secured $3.5 million in what it calls “Pre-Series A bridge funding” from [Amaya Capital Partners](https://www.crunchbase.com/organization/amaya-capital-partners) and [Omidyar Network](https://www.crunchbase.com/organization/omidyanet). The company offers B2C and B2B solar and battery-based power packages (hardware and service) to individuals and businesses, primarily in Lagos. Rensource enables any number of third parties to be their own energy companies. CEO [Ademola Adesina](https://www.linkedin.com/in/ademola-adesina-697b8214/) hopes the company can capture 5% (or 3 million) of what he estimates is a 60 million unit market over the next few years.

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