Ventures Platform, an Africa-focused venture capital firm, has announced the first close of its new US$40 million Pan-African Fund.
Ventures Platform will significantly expand its long-standing presence in Nigeria and West Africa as a result of this funding. It also plans to invest in a number of East, North, and Francophone African possibilities with the potential to expand into West Africa’s core markets.
The Nigeria Sovereign Investment Authority led the investment, which was aimed at early-stage startups (NSIA). Existing Nigerian investors, as well as some new ones, participated. UAC Nigeria, VFD Group, Gbenga Oyebode, and Paystack’s Shola Akinlade are among them. Global investors such as Y Combinator’s Michael Seibel and Adam Draper are also taking part.
The Pan-African fund’s second closing is expected in early 2022, according to the VC. It is also intended to attract investment from a select group of global institutional investors and development finance institutions.
Ventures Platform is an early-stage venture capital fund dedicated to supporting Africa’s next generation of entrepreneurs. The VC, which was founded in 2016 by General Partner Kola Aina, has not only helped to fund early-stage entrepreneurs across Africa, but it has also served as a key partner and conduit for international funds and stakeholders looking to do business in Africa.
The fund currently has 69 startups in its portfolio, making it one of the largest and most reputable in the African tech VC space. High-profile companies in this portfolio include Seamless HR, Piggy Vest, Mono, and Paystack, which Stripe acquired for more than $200 million in October 2020. In the year 2021 alone, the VC has made a total of 28 investments.
Ventures Platform’s portfolio has raised over $500 million in follow-on rounds to date, and as the investor seeks to consolidate its market-leading position, this is its first official institutional fund, with previous funding flowing through syndicate and proprietary capital funds.
Ventures Platform is now positioned to fund follow-on rounds of successful startups building market-creating innovations across pre-seed, seed, and Series A stages in sectors such as Fintech, healthtech, enterprise SAAS, digital infrastructure, and more, with ticket size up to $1m+.
As part of a move to further deepen its expertise, Ventures Platform has also onboarded leading figures across African tech as Venture Partners, including; Seni Sulyman (ex-VP at Andela, ex-COO at Bellhop, Founder at Black Ops.)