Ventures Platform Secures $64 Million to Expand African Tech Investments

Ventures Platform, a leading seed-stage investment firm in Africa, has announced the first close of its second fund—VP Pan-African Fund II—with commitments totaling $64 million. The fund aims for a final close of $75 million and will be used to deepen early-stage investments and expand the firm’s reach across the continent’s tech ecosystem.

Approximately 70% of the investors in this round had previously backed Ventures Platform’s earlier fund. The new capital comes from a mix of institutional and individual investors, including 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, MSMEDA, and AfricaGrow. Notably, this marks iDICE’s first venture capital investment, aligning with its mission to support Nigeria’s digital and creative sectors.

Additional contributors include European family offices such as Alder Tree Investment and notable individuals like Michael Seibel. With this fund, Ventures Platform plans to expand its investment scope beyond pre-seed and seed rounds to include Series A funding. The firm will target startups innovating in fintech, healthtech, agritech, edtech, and artificial intelligence.

The fund will also support Ventures Platform’s expansion into Francophone and North African markets, while reinforcing its presence in Nigeria and other regions. Since its inception in 2016, the firm has backed over 90 startups, including Moniepoint, Piggyvest, OmniRetail, Remedial Health, and Thrive Agric. Several of these companies have progressed to later funding stages, with Moniepoint recently achieving unicorn status.

Founding Partner Kola Aina emphasized the firm’s commitment to supporting entrepreneurs solving critical challenges and driving innovation. He described the diverse investor backing as a strong endorsement of Africa’s potential for transformative impact. Institutional partners echoed this sentiment, noting the fund’s role in strengthening the continent’s startup ecosystem and aligning with broader goals for digital sector growth.

Ventures Platform previously closed its early-stage fund in 2022 at $46 million, surpassing its initial $40 million target. That fund attracted a mix of commercial banks, corporates, development finance institutions, and high-net-worth individuals, and enabled follow-on investments up to Series A for its portfolio companies.