Ventures Platform, one of Africa’s leading seed-stage venture capital firms, has announced the first close of its second fund, VP Pan-African Fund II, securing commitments totaling $64 million toward its $75 million target. The fund is designed to expand Ventures Platform’s early-stage investments and deepen its presence across Africa’s growing technology ecosystem.
According to the firm, about 70 percent of the investors in this round had also participated in its previous institutional fund. The new raise includes commitments from both returning and new investors such as the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, the International Finance Corporation (IFC), Standard Bank of South Africa, British International Investment (BII), Proparco, Micro, Small & Medium Enterprises Development Agency (MSMEDA), and AfricaGrow.
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The iDICE program’s participation marks its first-ever investment in a venture capital vehicle. Implemented by Nigeria’s Bank of Industry, the initiative is part of the federal government’s efforts to drive growth in the digital and creative industries. Other investors include European family offices such as Alder Tree Investment and individuals like Michael Seibel.
With this new fund, Ventures Platform plans to expand its investment focus beyond pre-seed and seed rounds to include Series A stages, while targeting startups building solutions in fintech, healthtech, agritech, edtech, artificial intelligence, and other sectors driving innovation across the continent. The fund will also enable the firm to expand into Francophone and North Africa, while consolidating its stronghold in Nigeria and other key African markets.
Since its launch in 2016, Ventures Platform has invested in over 90 startups, including notable companies such as Moniepoint, Piggyvest, OmniRetail, Remedial Health, and Thrive Agric. Many of these startups have progressed to advanced funding stages, with Moniepoint recently attaining unicorn status.
Founding Partner of Ventures Platform, Kola Aina, said the firm remains committed to empowering entrepreneurs solving critical problems and advancing sustainable innovation in Africa. “The backing we’ve received from a diverse group of blue-chip partners is a powerful endorsement of Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact,” he said.
Institutions participating in the fund underscored its potential to strengthen Africa’s startup landscape. The Managing Director of the Bank of Industry, Dr. Olasupo Olusi, noted that the investment aligns with the federal government’s goal of catalyzing growth in digital and creative sectors. Representatives from Standard Bank, Proparco, and IFC also expressed confidence in Ventures Platform’s strategy and Africa’s early-stage technology potential.
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In 2022, Ventures Platform closed its previous early-stage and intercontinental fund at $46 million, surpassing its $40 million target. That oversubscribed fund drew participation from top-tier investors, commercial banks, corporates, development finance institutions, and high-net-worth individuals. It was aimed at backing category-defining companies across Africa and supporting follow-on investments up to Series A — a strategy that the firm is now set to scale further with its new Pan-African Fund II.
