Ventures Platform, Africa’s leading seed-stage fund, has announced the $64 million first close of its second fund, VP Pan-African fund II, aimed at deepening seed investments, catalysing Series A rounds, and driving its pan-African expansion to power the continent’s next tech wave. The fund is targeting a final close of $75 million.
The close saw 70% of Limited Partner (LP) interest from the VC’s first institutional fund – a strong testament to the firm’s track record and strategy. New and returning investors include the first-of-its-kind participation from the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, a bold initiative aimed at positioning Nigeria as a global hub for digital innovation and creative excellence, alongside, International Finance Corporation (IFC), a member of the World Bank Group, Standard Bank (South Africa), British International Investment(BII) – the UK’s development finance institution and impact investor, Proparco through its EU-backed Choose Africa VC program, Micro, Small & Medium Enterprises Development Agency (MSMEDA) and AfricaGrow.
The fund also attracted strong participation from leading European family offices, including Alder Tree Investment, as well as a consortium of prominent global investors including Michael Seibel.
Ventures Platform’s PAF II will strategically deepen its investment scope across Africa. In addition to its foundational pre-seed and seed rounds, the fund will now lead and catalyse Series A investments, effectively de-risking high-potential ventures and enhancing value creation. Simultaneously, it will consolidate the firm’s activities in Francophone Africa and accelerate pan-African expansion into North Africa, while doubling down on its core operations in Nigeria and broader Africa. The fund will prioritise ventures building essential “painkiller” solutions that solve for non-consumption and plug infrastructural gaps in Fintech, Healthtech, Agritech, Edtech, AI, amongst other sectors.
Speaking on the 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. The continent’s innovation opportunity is boundless, the needs are immense, but realising its full impact demands smart contextual capital, post-investment value creation, and a commitment to de-risking groundbreaking market-creating innovations. With VP PAF II, we are broadening our reach and deepening our focus on discovering and empowering innovators that will solve chronic non-consumption across the continent.
He continues, “We believe Africa’s challenges are its greatest opportunities. By supporting resilient founders, we’re catalysing sustainable, market-creating innovations that will shape the future of the continent and plug gaps for the next billion. As we expand our footprint, our focus remains clear: to identify and back ventures that are building market-creating innovations that solve for non-consumption and drive economic evolution”.
Since its inception in 2016, Ventures Platform has established a robust track record, discovering and funding over 90 startups, including some of the most successful on the continent, across multiple tech verticals. This success is underscored by the strong performance of its 1st institutional fund, which closed in December 2022, and the firm’s impressive return of 4 out of 6 vintages to date.
Further demonstrating its value-creation proposition, Ventures Platform has achieved a high graduation rate from Seed to Series A and beyond, with notable examples of investees including Raenest, Remedial, and SeamlessHR, as well as LemFi and Moniepoint, which have successfully raised Series B and C funding, respectively.
Over the years, the firm’s success has remained rooted in its deep local expertise, robust platform (portfolio success) practice, and data-driven approach to investment decisions and supporting founders. As a team of expert ex-operators and founders, the Ventures Platform team understands the nuances of the African market and is committed to building long-term partnerships that drive transformative impact. Its ability to efficiently evaluate deals, deploy resources, and scale its portfolio companies has solidified its reputation as the investor of choice in the ecosystem.
The confidence shown by its diverse LP base and a unique investment from institutions like iDice highlights the Venture platform’s commitment to empowering entrepreneurs who are driving Africa’s economic future and establishing the continent as a global innovation leader.
Dr Olasupo Olusi – MD/CEO of Bank of Industry said, “As the implementing agency of the iDICE (Investment In Digital and Creative Enterprises) Programme, Bank of Industry is proud to be associated with Ventures Platform – the programme’s Technology Fund Manager on this milestone achievement. By investing in Ventures Platform’s Fund II, which serves as iDICE’s Technology Equity Fund for Nigerian startups, we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalyzing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem. Thereby contributing meaningfully to the nation’s broader economic transformation agenda, with a goal to create jobs at scale, but also empower high-growth entrepreneurs across the country.”
Also speaking, Nimalan Reddy, Executive Vice President, Investment Banking/Equity Investments at Standard Bank South Africa, said “Standard Bank is proud to continue our partnership with Ventures Platform into Fund II. This is a testament to the quality and strength of the Ventures Platform team and our commitment to supporting high impact entrepreneurs across Africa.”
“We are proud to renew our support to Ventures Platform with their new fund”, said Françoise Lombard, CEO of Proparco. “As our first fund investment under the EU-backed Choose Africa VC program, it underscores our confidence in the team and our continued commitment to backing the tech ecosystem in Nigeria and across Africa”.
Farid Fezoua, IFC Global Director for Disruptive Technologies, Services and Funds, said: “Emerging markets are home to a new generation of founders building practical, scalable solutions to pressing development challenges. IFC’s investment in Ventures Platform Fund II will help early-stage startups move from proof-of-concept to growth, accelerating innovation in sectors like fintech, healthtech, edtech, and agtech, while also strengthening local value chains and creating quality jobs. By channeling venture capital into Africa’s tech ecosystem, we’re unlocking the potential of entrepreneurs to drive resilient growth and expand opportunities for small businesses and young people across the continent.”
Ventures Platform has consistently backed category-leading companies, with OmniRetail, Thrive Agric, and Moniepoint (Africa’s newest unicorn) all recognised among the Financial Times’ 2024 list of Africa’s 25 fastest-growing companies, with OmniRetail securing the top position. Similarly, Piggyvest and Moniepoint have earned international acclaim, ranking among CNBC’s top 250 fintech companies and top 20 financial planning firms, while Remedial Health was named to Time’s 2025 list of the World’s Top Health Companies, highlighting Ventures Platform’s track record in nurturing high-impact innovators.
With VP PAF II, the VC is positioned to further empower Africa’s most promising innovators, driving sustainable economic evolution and solidifying the continent’s position as a global leader in innovation while delivering on its mission of democratising prosperity.
Read the orginal article: https://ffnews.com/newsarticle/funding/ventures-platform-secures-64m-first-close-for-fund-ii-to-power-africas-next-tech-wave/
