Ventures Platform, one of Africa’s leading early-stage venture capital firms, has announced the first close of its second fund, VP Pan-African Fund II, with commitments totaling $64 million.
The fund, targeting a final close of $75 million, will expand Ventures Platform’s investment capacity across Africa’s fast-growing technology ecosystem and deepen its footprint in key innovation markets.
Expanding Africa’s Early-Stage Investment Landscape
Founded in 2016, Ventures Platform has been instrumental in funding early-stage startups that are redefining Africa’s tech scene. With this new fund, the firm plans to extend its investments beyond pre-seed and seed rounds to include Series A stages, supporting startups as they scale operations across the continent.
According to the firm, about 70% of investors in this round also participated in its previous institutional fund. The new raise features a blend of existing and new backers, including:
- Nigeria Investment in Digital and Creative Enterprises (iDICE) program
- International Finance Corporation (IFC)
- Standard Bank of South Africa
- British International Investment (BII)
- Proparco
- Micro, Small & Medium Enterprises Development Agency (MSMEDA)
- AfricaGrow
Other participants include European family offices such as Alder Tree Investment and notable individual investors like Michael Seibel.
iDICE Makes First Investment in a Venture Capital Vehicle
The participation of iDICE marks its first-ever investment in a venture capital fund. The initiative, managed by Nigeria’s Bank of Industry, aims to boost the country’s digital and creative industries, aligning with the federal government’s goal of stimulating innovation-driven growth.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry, said the investment aligns with the government’s broader mission to catalyze digital and creative sector expansion and support emerging entrepreneurs.
Focus Areas: Fintech, Healthtech, Agritech, Edtech, and AI
The new VP Pan-African Fund II will target startups developing technology-driven solutions across critical sectors, including fintech, healthtech, agritech, edtech, and artificial intelligence.
Ventures Platform also plans to expand into Francophone and North Africa, while consolidating its presence in Nigeria and other major African markets.
A Proven Track Record of Backing High-Impact Startups
Since its launch in 2016, Ventures Platform has invested in more than 90 startups, including:
- Moniepoint (recently achieving unicorn status)
- Piggyvest
- OmniRetail
- Remedial Health
- Thrive Agric
Many of its portfolio companies have gone on to raise follow-on funding and become category leaders within their industries.
Investor Confidence and Strategic Growth
Speaking on the fund close, Kola Aina, Founding Partner at Ventures Platform, said:
“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.”
Institutional partners such as Standard Bank, Proparco, and IFC also reaffirmed their confidence in Ventures Platform’s investment strategy and its role in strengthening Africa’s early-stage tech ecosystem.
Building on a Strong Foundation
This new milestone follows Ventures Platform’s successful $46 million early-stage fund closed in 2022, which surpassed its initial $40 million target. That fund was oversubscribed, drawing support from global institutional investors, DFIs, corporates, and high-net-worth individuals (HNIs).
With VP Pan-African Fund II, Ventures Platform continues to position itself as a key catalyst for Africa’s innovation economy, enabling the next generation of transformative startups to scale across the continent.
