Ventures Platform, one of Africa’s leading early-stage venture capital firms, has announced the first close of its second fund, raising 64 million dollars out of a targeted 75 million for the VP Pan-African Fund II.
The fund aims to back the next generation of African innovators solving real market gaps and drive the continent’s next wave of tech growth.
According to the firm, the fund will deepen seed investments, catalyze Series A rounds, and accelerate Ventures Platform’s expansion across the continent, with a stronger focus on Francophone and North Africa.
It will target “painkiller” solutions addressing non-consumption in critical sectors such as fintech, healthtech, agritech, edtech, and artificial intelligence.
The fund’s first close drew participation from a diverse group of global investors including the International Finance Corporation (IFC), Standard Bank (South Africa), British International Investment (BII), Proparco, AfricaGrow, and the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, an initiative by the Nigerian government to position the country as a global digital innovation hub.
European family offices such as Alder Tree Investment and global investors including Michael Seibel also joined the round, reflecting strong confidence in Ventures Platform’s vision and track record.
Speaking on the milestone, Kola Aina, Founding Partner at Ventures Platform, said the fund represents a renewed commitment to powering Africa’s innovation economy.
He said the backing received from such diverse partners is a powerful endorsement of Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact.
Africa’s challenges are its greatest opportunities. By supporting resilient founders, he said, Ventures Platform is catalyzing sustainable, market-creating innovations that will shape the continent’s future.
Since its launch in 2016, Ventures Platform has backed over 90 startups across multiple tech verticals, including success stories like Moniepoint, Piggyvest, OmniRetail, Thrive Agric, Raenest, and Remedial Health. Several of these companies have advanced to Series B and C stages and gained international recognition, with Moniepoint recently named Africa’s newest unicorn.
The firm’s first institutional fund, closed in 2022, delivered strong returns across its six investment vintages, strengthening its reputation as one of Africa’s most consistent early-stage investors.
Stakeholders from partner institutions praised the milestone. Dr. Olasupo Olusi, Managing Director of the Bank of Industry, said the investment through iDICE aligns with Nigeria’s broader goal of scaling innovation and job creation.
He said that by investing in Ventures Platform’s Fund II, the Bank of Industry is catalyzing strategic investments in high-growth, technology-enabled enterprises and driving Nigeria’s economic transformation.
Françoise Lombard, CEO of Proparco, noted that the investment marks the first under the EU-backed Choose Africa VC program, underscoring confidence in Ventures Platform’s capacity to deliver impact across the continent.
Farid Fezoua, IFC’s Global Director for Disruptive Technologies, added that the investment would help early-stage startups grow from proof-of-concept to scalable businesses that create jobs and strengthen value chains across Africa.
With its second fund, Ventures Platform aims to expand its footprint, empower high-impact entrepreneurs, and solidify Africa’s position as a global innovation leader while staying true to its mission of democratizing prosperity through technology and entrepreneurship.