Ventures Platform, a Nigerian-based seed-stage fund, has announced the $64 million first close of its $75 million second fund, VP Pan-African fund II, aimed at deepening seed investments, catalysing Series A rounds.
New and returning investors include the first-of-its-kind participation from the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, alongside, IFC, Standard Bank (South Africa), BII, Proparco, Micro, Small & Medium Enterprises Development Agency and AfricaGrow.
The fund also attracted strong participation from leading European family offices, including Alder Tree Investment, as well as a consortium of prominent global investors including Michael Seibel.
In a statement to TechMoran, Kola Aina, Founding Partner at Ventures Platform, said, “With VP PAF II, we are broadening our reach and deepening our focus on discovering and empowering innovators that will solve chronic non-consumption across the continent. We believe Africa’s challenges are its greatest opportunities. By supporting resilient founders, we’re catalysing sustainable, market-creating innovations that will shape the future of the continent and plug gaps for the next billion.”
Ventures Platform’s PAF II will strategically deepen its investment scope across Africa. In addition to its foundational pre-seed and seed rounds, the fund will now lead and catalyse Series A investments, effectively de-risking high-potential ventures and enhancing value creation. Simultaneously, it will consolidate the firm’s activities in Francophone Africa and accelerate pan-African expansion into North Africa.
The fund says it will prioritise ventures building essential “painkiller” solutions that solve for non-consumption and plug infrastructural gaps in Fintech, Healthtech, Agritech, Edtech, AI, amongst other sectors.
Since its inception in 2016, Ventures Platform has funded over 90 startups, including OmniRetail, Thrive Agric, and Moniepoint, Raenest, Remedial, and SeamlessHR, as well as LemFi among others.
With VP PAF II, the VC is positioned to further empower Africa’s most promising innovators, driving sustainable economic evolution and solidifying the continent’s position as a global leader in innovation while delivering on its mission of democratising prosperity.
“By channeling venture capital into Africa’s tech ecosystem, we’re unlocking the potential of entrepreneurs to drive resilient growth and expand opportunities for small businesses and young people across the continent,” Farid Fezoua, IFC Global Director for Disruptive Technologies, Services and Funds said.
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