Ventures Platform Raises $64M to Power Africa’s Next Tech Wave

Ventures Platform has made yet another major leap in its mission to back Africa’s most promising startups. The Nigerian-based venture capital firm today announced the first close of its Pan-African Fund II, raising $64 million from global investors to scale early-stage tech investments across the continent.

The fund targets a final close of $75 million, positioning Ventures Platform as one of the leading early-stage VCs in Africa’s rapidly growing tech ecosystem. About 70 per cent of investors from the firm’s previous fund returned for this round – a strong signal of confidence in its performance and strategy.

Backing Africa’s Digital Future

The investors in Pan-African Fund II were a quality mix of international and local partners such as International Finance Corporation (IFC), Standard Bank of South Africa, British International Investment (BII), Proparco, and the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, a government-backed initiative under Nigeria’s Bank of Industry.

This also represents the first investment by iDICE into a venture capital fund, an important development in Nigeria’s drive on its digital policy. Other investors who contributed significantly are AfricaGrow, Alder Tree Investment, and Michael Seibel, an influential individual investor.

This new capital injection will see Ventures Platform expand beyond its pre-seed and seed investing, to make Series A investments. Its portfolio will be targeted at scalable solutions startups developing in fintech, healthtech, agritech, edtech, and artificial intelligence. The firm will also deepen its operations in Francophone and North Africa while reinforcing presence in Nigeria and other high-growth markets.

Growing Confidence in African Startups

Until now, Ventures Platform, founded in 2016 by Kola Aina, has invested in over 90 startups, which include Moniepoint, PiggyVest, OmniRetail, Remedial Health, and Thrive Agric. Several have grown into established players, with Moniepoint attaining unicorn status.

Aina described the raise as a vote of confidence in Africa’s innovation potential, saying, “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.”

Supporting institutions were no less optimistic: according to Dr. Olasupo Olusi, Managing Director of the Bank of Industry, the investment is in line with Nigeria’s general drive for accelerated growth in the digital and creative industries. Sentiments shared by representatives from Standard Bank, Proparco, and IFC bordered on their belief in the strength of Ventures Platform’s model and Africa’s growing early-stage market.

This announcement follows the 2022 early-stage and intercontinental fund of Ventures Platform, which closed at $46 million, beating its target of $40 million. That fund supported category-defining startups and provided follow-on funding up to Series A.