Ventures Platform has announced the $64 million first close of its second fund, VP Pan-African Fund II, which aims to expand seed investments, catalyze Series A rounds, and strengthen the firm’s pan-African reach to support the continent’s next wave of technology companies. The fund is targeting a final close of $75 million.
The majority of participation came from returning Limited Partners, representing 70 percent of the interest from Ventures Platform’s first institutional fund. New and returning investors in the fund include the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, International Finance Corporation, Standard Bank, British International Investment, Proparco through its EU-backed Choose Africa VC program, Micro, Small & Medium Enterprises Development Agency, and AfricaGrow. Additional support came from European family offices such as Alder Tree Investment, as well as other global investors, including Michael Seibel.
VP Pan-African Fund II will expand Ventures Platform’s investment scope across the continent. In addition to its early-stage investment strategy, the fund will lead and catalyze Series A rounds to help de-risk businesses and accelerate the creation of value. The firm will reinforce its presence in Francophone Africa and expand further into North Africa while continuing to prioritize operations in Nigeria and broader key African markets. Investment focus areas include companies developing essential solutions that address non-consumption and infrastructure gaps in sectors such as Fintech, Healthtech, Agritech, Edtech, and AI.
Ventures Platform has backed over 90 startups across multiple sectors since its launch in 2016. Its strong performance has been highlighted by the outcomes of its first institutional fund and the successful graduation of startups from seed to later stages. Several portfolio companies have raised Series B and C rounds, while others have continued to garner recognition for their growth and impact on a continental and international scale.
The participation of institutions such as the iDICE program reflects broader national and regional commitments to fostering technology innovation and economic development. Ventures Platform continues to leverage its data-driven investment approach, local market expertise, and founder support to scale high-impact companies across Africa.
The firm’s track record includes companies recognized among the Financial Times’ 2024 list of Africa’s fastest-growing companies, as well as global rankings by CNBC and Time. With VP Pan-African Fund II, Ventures Platform aims to strengthen Africa’s innovation ecosystem further while advancing its goal of expanding prosperity through entrepreneurship.
KEY QUOTES:
“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.”
“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.”
Kola Aina, Founding Partner, Ventures Platform
“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.”
Dr. Olasupo Olusi, MD/CEO, Bank of Industry
“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.”
Nimalan Reddy, Executive Vice President, Investment Banking and Equity Investments, Standard Bank South Africa
“We are proud to renew our support to Ventures Platform with their new fund. 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.”
Françoise Lombard, CEO, Proparco
“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.”
Farid Fezoua, Global Director for Disruptive Technologies, Services and Funds, International Finance Corporation
