Lagos-based venture capital firm Ventures Platform has secured a $64 million first close for its second institutional fund, reinforcing its position as one of Africa’s most active early-stage investors. The fund, which is targeting a final close of $75 million, will support pre-seed, seed and selected Series A startups across the continent, with a focus on businesses solving critical infrastructure and access challenges.
The fundraising milestone comes at a time when venture capital investment in Africa remains below its 2021 peak, making the successful raise a notable achievement. Around 70% of the limited partners (LPs) from Ventures Platform’s first institutional fund returned for the new vehicle, reflecting strong investor confidence in the firm’s strategy and track record. New and returning investors include the International Finance Corporation (IFC), British International Investment (BII), Proparco, Standard Bank, AfricaGrow, MSMEDA, European family offices, and former Y Combinator CEO Michael Seibel.
One of the most significant developments in the fund is the participation of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) programme. It marks the first time the Nigerian government has invested directly in a venture capital fund, a move expected to strengthen the country’s startup ecosystem and encourage greater institutional participation in innovation financing.
Founded in 2016 by Kola Aina, Ventures Platform has built a reputation for identifying promising startups at an early stage. The firm has backed more than 90 startups across Africa, investing in sectors including fintech, healthtech, agritech, edtech, logistics and artificial intelligence. Its portfolio includes high-profile companies such as Moniepoint, Paystack, LemFi, OmniRetail, SeamlessHR, Raenest and Remedial Health, many of which have gone on to raise significant follow-on funding from global investors.
With the new fund, Ventures Platform plans to deepen its presence in Nigeria while expanding investments into Francophone West Africa and North Africa. Beyond writing larger cheques, the firm also intends to participate more actively in Series A funding rounds, helping portfolio companies bridge a financing gap that has widened as international investors have become more selective.
Speaking about the firm’s investment philosophy, Aina said Ventures Platform focuses on backing “market-creating innovations” that solve problems of non-consumption by making essential products and services more accessible. The strategy has enabled the firm to identify companies addressing financial inclusion, digital commerce, healthcare access and enterprise productivity across underserved African markets.
The successful fundraise signals continued confidence in Africa’s long-term technology potential despite a more cautious global investment environment. As founders across the continent seek capital to scale innovative businesses, Ventures Platform’s new fund is expected to play an important role in nurturing the next wave of African technology champions while supporting the growth of the region’s broader innovation ecosystem.
Leave a Reply