This investment is an addition to L’Oréal’s previous investments in venture capital funds (Partech International Ventures, Founders Factory, Raise Investissement).
L’Oréal will thus be able to forge partnerships with start-ups and entrepreneurs active in the development of innovative products and services that facilitate access to consumers located in remote areas or informal environments.
“With Partech Africa, we want to support these talented entrepreneurs who invent new technological uses in all areas, distribution and consumption,” said Alexandre Popoff, Executive Vice-President Eastern Europe and Africa, Middle East. “L’Oréal is very happy to contribute to the development of young companies in Africa and to seize what is starting.”
Partech Ventures launched Partech Africa fund early this year to focus on early stage growth funding, providing €0.5 to €5M initial tickets to talented African teams in Fintech, InsurTech, new distribution models, ecommerce, entertainment, education, digital services as well as mobility, supply chain services and digitization of the informal economy.
Partech Africa is supported by major financial institutions led by IFC, member of the World Bank Group, and including the European Investment Bank (EIB) and Averroès Finance III (fund of funds managed by Bpifrance and co-sponsored with Proparco).