Ventures Platform, a leading African seed-stage venture capital firm, has announced the first close of its second fund, the VP Pan-African Fund II, with commitments totaling $64 million. The fund targets a final close of $75 million and is designed to expand the firm’s early-stage investments and strengthen its footprint across Africa’s fast-growing technology ecosystem.
According to the firm, around 70 percent of investors in this round also participated in its previous institutional fund. The new raise drew support from both returning and new institutional backers, including the Nigeria Investment in Digital and Creative Enterprises (iDICE) programme, International Finance Corporation (IFC), Standard Bank of South Africa, British International Investment (BII), Proparco, the Micro, Small & Medium Enterprises Development Agency (MSMEDA), and AfricaGrow.
The participation of iDICE marks its first investment in a venture capital fund. The initiative, implemented by Nigeria’s Bank of Industry, was established to stimulate growth in Nigeria’s digital and creative sectors. Other contributors include European family office Alder Tree Investment and individual investors such as Michael Seibel.
With the new fund, Ventures Platform plans to extend its focus beyond pre-seed and seed rounds to include Series A investments. The firm said it will prioritize startups building technology-driven solutions in fintech, healthtech, agritech, edtech, and artificial intelligence, while expanding its operations into Francophone and North Africa and consolidating its presence in Nigeria and other African markets.
Since its launch in 2016, Ventures Platform has invested in over 90 startups, including Moniepoint, PiggyVest, OmniRetail, Remedial Health, and Thrive Agric. Several of these portfolio companies have progressed to later funding rounds, with Moniepoint attaining unicorn status.
Founding Partner at Ventures Platform, Kola Aina, said the new fund demonstrates strong investor confidence in Africa’s innovation potential. “The backing we’ve received from a diverse group of blue-chip partners is a powerful endorsement of Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact,” he said.
Institutions backing the fund also highlighted its significance for the continent’s startup ecosystem. Managing Director of the Bank of Industry, Dr. Olasupo Olusi, said the investment aligns with Nigeria’s broader goal of accelerating growth in the digital and creative industries. Representatives from Standard Bank, Proparco, and IFC reaffirmed that their continued participation reflects confidence in Ventures Platform’s strategy and in Africa’s early-stage technology market.
The announcement follows Ventures Platform’s 2022 early-stage and intercontinental fund, which closed at $46 million, surpassing its $40 million target. That fund, backed by top-tier banks, corporates, development finance institutions, and global investors, was used to support category-leading startups and provide follow-on funding up to Series A.
With this latest fund, Ventures Platform aims to continue backing visionary founders driving innovation, job creation, and sustainable economic growth across Africa.
