Ventures Platform, Nigerian venture capital firm has announced the first close of its second Africa-focused fund, raising $64 million of a planned $75 million.
The fund aims to boost financing for African technology startups and help drive Series A funding rounds, a stage that remains difficult for many young companies on the continent.
VP Pan-African Fund II (VP PAF II) will focus on firms in strategic sectors including fintech, healthtech, agritech, edtech, and artificial intelligence.
With the new vehicle, Ventures Platform plans to expand beyond West Africa, increasing its presence in Francophone and North Africa while strengthening its base in Nigeria.
“The continent’s innovation opportunity is boundless, the needs are immense,” said Kola Aina, founding partner of Ventures Platform. “[...] Realising its full impact demands smart contextual capital, post-investment value creation, and a commitment to de-risking groundbreaking market-creating innovations.”
Aina added that VP PAF II will broaden the firm’s scope and deepen its commitment “to identify and back innovators addressing the continent’s chronic non-consumption problems.”
The first close drew significant institutional support, with 70% of the first fund’s partners renewing their investment.
New backers include the Nigerian Federal Government via the Bank of Industry’s iDICE program, the International Finance Corporation (IFC), Standard Bank, British International Investment (BII), Proparco, MSMEDA, and AfricaGrow.
Since its launch in 2016, Ventures Platform has invested in more than 90 African startups.
Its first fund, closed in 2022, delivered strong returns and helped portfolio companies progress from seed to Series B and C stages.
Supported startups include Raenest, SeamlessHR, LemFi, Remedial Health, Thrive Agric, and Moniepoint.
Beyond capital investment, the fund seeks to strengthen the resilience and growth of Africa’s tech ecosystem by helping innovative companies scale in sectors where access to funding remains limited.
According to the African Private Capital Association (AVCA), African startups raised about $2.6 billion in 2024, less than 1% of global venture capital.
Against this backdrop, Ventures Platform’s new fund is seen as a key step toward attracting more local and international capital to support the continent’s startup growth.
