Western Europe- and U.S.-focused venture capital firm Partech Ventures has reached a first close for Partech Africa Fund with more than EUR57 million (approximately US$70 million) in capital commitments. Investors in the fund include development finance institutions IFC, which committed EUR15 million (approximately US$18 million), and European Investment Bank (EIB); Averroès Finance III, a fund of funds managed by Bpifrance and co-sponsored by Proparco; as well as France-based corporations Orange, Edenred and JCDecaux Holding. The fund, which has a target of EUR100 million (approximately US$122 million), will invest in Africa-based companies engaged in financial inclusion, online and mobile consumer services, mobility, supply chain services and digitization of the informal economy.