Ventures Platform has secured the $64m first close of its second fund, VP Pan-African Fund II.
In a statement, the firm said the fund is designed to deepen seed-stage investments, ignite Series A rounds, and expand pan-African operations to accelerate Africa’s next phase of technological innovation.
The fund is targeting a final close of $75m. According to the announcement, the first close featured 70 per cent participation from investors who backed the fund’s original institutional round, demonstrating strong confidence in Ventures Platform’s strategy and proven track record.
“New and returning investors in this round include Nigeria Investment in Digital and Creative Enterprises, International Finance Corporation, Standard Bank, British International Investment, Proparco via the EU-backed Choose Africa VC program, Micro, Small & Medium Enterprises Development Agency, and AfricaGrow, among others,” the firm stated.
Leading European family offices, including Alder Tree Investments, also took part, alongside an international group of investors that includes Michael Seibel.
The firm added that “Ventures Platform’s PAF II will widen investment scope across Africa, not just in pre-seed and seed stages but also by leading Series A rounds to mitigate risks and enhance value creation.”
The fund also plans to strengthen its presence in Francophone Africa, expand further into North Africa, and reinforce operations in Nigeria and other key markets, according to PUNCH. Ventures Platform raises $64m to back African startups.
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Ventures Platform confirmed that its priority sectors include fintech, healthtech, agritech, edtech, and artificial intelligence, with a focus on startups addressing non-consumption and infrastructure deficits.
Founding Partner Kola Aina said, “The support from a diverse roster of blue-chip partners reflects Africa’s immense innovation potential. Our goal is to empower innovators tackling key challenges through market-creating solutions that will define the continent’s future.”
Since launching in 2016, Ventures Platform has backed more than 90 startups, achieving a strong first fund close in 2022 and delivering notable success stories such as Raenest, Remedial, SeamlessHR, LemFi, and Moniepoint.
The MD/CEO of Bank of Industry, Dr Olasupo Olusi, commended the collaboration through the iDICE programme, which aims to boost Nigeria’s digital and creative industries by supporting high-growth tech-enabled enterprises.
Standard Bank South Africa’s Executive Vice President, Nimalan Reddy, reaffirmed the bank’s commitment to supporting impactful entrepreneurs through Ventures Platform.
Proparco CEO, Françoise Lombard, said the renewed participation signals confidence in Ventures Platform’s team and their influence on Nigeria’s and Africa’s tech landscape.
IFC’s Global Director for Disruptive Technologies, Farid Fezoua, emphasized that venture capital plays a critical role in unlocking Africa’s entrepreneurial potential and fostering inclusive growth.
Ventures Platform continues to support category leaders, with companies like OmniRetail, Thrive Agric, and Moniepoint earning international recognition as some of Africa’s fastest-growing and top-performing fintech and commerce ventures.
With Fund II, the firm said it is poised to strengthen Africa’s innovation ecosystem, drive sustainable transformation, and help cement the continent’s position as a global innovation hub.
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Image Credit: Empower Africa
