Ventures Platform, Africa’s leading seed-stage venture fund, has announced the $64 million first close of its second fund, VP Pan-African Fund II, aimed at expanding seed investments, catalyzing Series A rounds, and accelerating pan-African growth in the technology sector. The fund is targeting a final close of $75 million.
Seventy percent of the Limited Partner (LP) interest comes from Ventures Platform’s first institutional fund, reflecting strong confidence in its track record and strategy. New and returning investors include the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, the International Finance Corporation (IFC), Standard Bank (South Africa), British International Investment (BII), Proparco via the EU-backed Choose Africa VC program, MSMEDA, and AfricaGrow, alongside European family offices such as Alder Tree Investment and prominent global investors including Michael Seibel.
VP PAF II will deepen Ventures Platform’s investment scope across Africa, extending beyond pre-seed and seed rounds to lead and catalyze Series A investments, effectively de-risking high-potential startups and increasing value creation. The fund will consolidate activities in Francophone Africa, expand into North Africa, and strengthen operations across Nigeria and the continent. Priority sectors include Fintech, Healthtech, Agritech, Edtech, and AI, focusing on ventures delivering “painkiller” solutions that address non-consumption and infrastructural gaps.
Kola Aina, Founding Partner at Ventures Platform, said, “Africa’s challenges are its greatest opportunities. By supporting resilient founders, we’re catalyzing sustainable, market-creating innovations that will shape the continent’s future and plug gaps for the next billion.”
Since its inception in 2016, Ventures Platform has funded over 90 startups across multiple tech verticals, including Raenest, Remedial, SeamlessHR, LemFi, and Moniepoint, several of which have successfully raised Series B and C funding. The firm’s first institutional fund, closed in December 2022, has delivered strong returns with four of six vintages performing successfully. VP PAF II aims to replicate this success by leveraging deep local expertise, data-driven investment decisions, and robust founder support, solidifying Ventures Platform’s reputation as a premier investor in the African tech ecosystem. Notable portfolio companies like OmniRetail, Thrive Agric, Moniepoint, Piggyvest, and Remedial Health have received international recognition, underscoring the fund’s impact on Africa’s innovation landscape.
Dr. Olasupo Olusi, MD/CEO of Bank of Industry, highlighted iDICE’s strategic role in upscaling Nigeria’s tech and creative sectors, while Nimalan Reddy of Standard Bank emphasized ongoing support for high-impact entrepreneurs across Africa. Françoise Lombard of Proparco reaffirmed confidence in Ventures Platform under the EU-backed Choose Africa program. Farid Fezoua, IFC Global Director for Disruptive Technologies, Services and Funds, noted the fund’s potential to scale practical, innovative solutions, create quality jobs, and strengthen local value chains.
With VP PAF II, Ventures Platform is poised to empower Africa’s most promising tech innovators, foster sustainable economic growth, and consolidate the continent’s position as a global leader in innovation, while continuing its mission of democratizing prosperity. This milestone marks another step toward catalyzing market-creating solutions that address Africa’s infrastructural and socio-economic challenges, driving the next wave of transformative tech ventures across the continent.
