An African Venture Capital firm, Ventures Platform, has announced the final closure of its early-stage and intercontinental fund at $46 million.
The company claims that this fund will enable it to continue supporting a group of category-leading businesses across the continent and will also permit follow-on investments for portfolio companies. It said that in an effort to provide greater assistance for the businesses it invests in, it has also created a cutting-edge platform and network approach that would offer its portfolio firms scalable, top-notch post-investment support and value generation.
It added that since the fund’s initial close in late 2017, new and follow-on capital have been invested in firms like Remedial Health, Moni Notto, and Chargel. Additionally, opportunities in nations like Kenya, Egypt, and French-speaking West Africa are being sought after.
In a statement, the Founder and General Partner at Ventures Platform, Kola Aina, said, “We are honoured to have the breadth of both local and global investors who have bought into our vision and who equally are bringing immense value to our portfolio.
He claimed that the company has made significant strides in the tactical and proprietary interventions that help its portfolio companies grow. He also claimed that the firm’s staff members’ practical pan-African experience from working with both start-ups and institutional investors brings an invaluable perspective that will aid in the company’s continued growth.
“We look forward to helping our portfolio companies maximise their full potential whilst also consolidating our position as a key and dependable business partner for investors in Africa.”
The IFC’s Global Director of Disruptive Technologies and Funds, William Sonneborn, added, “IFC is the largest global development institution focused on boosting private sector investments in emerging markets.
“Championing tech innovation, digital talent, and connectivity are key to succeeding in our mission. We are also one of the largest tech investors in Africa. Like Ventures Platform, we believe that the power of technology, combined with the scale and reach of entrepreneurship, can help solve some of the most pressing challenges of our time.”
He said IFC was excited to collaborate with Ventures Platform to support innovative businesses scale their businesses across the continent and beyond.
The company claims that its portfolio companies have received over $1 billion in follow-on finance.