Africa’s seed-stage powerhouse, Ventures Platform, has announced a $64 million first close for its second fund — VP Pan-African Fund II — to deepen early-stage investments, catalyze Series A rounds, and expand across the continent. The fund targets a final close of $75 million.
Why it matters
The raise underscores renewed investor confidence in Africa’s innovation economy amid global VC headwinds — with 70% of LPs returning from its first institutional fund.
It also marks the first participation from Nigeria’s iDICE program, a public-private push to position Nigeria as a creative and tech hub.
Who’s backing it
Key investors include:
- Nigeria’s iDICE program, implemented by the Bank of Industry
- IFC (World Bank Group)
- Standard Bank (South Africa)
- British International Investment (BII)
- Proparco (via EU-backed Choose Africa VC program)
- AfricaGrow, MSMEDA (Egypt), and leading European family offices like Alder Tree Investment
- Individual investors including Michael Seibel
The strategy
VP Fund II will:
- Expand beyond pre-seed and seed to lead and catalyze Series A rounds
- Double down in Nigeria, while expanding into Francophone and North Africa
- Focus on “painkiller” startups solving for non-consumption in fintech, healthtech, agritech, edtech, and AI
“Africa’s challenges are its greatest opportunities,” said Kola Aina, Founding Partner of Ventures Platform. “With Fund II, we’re empowering innovators solving chronic non-consumption and building market-creating ventures for the next billion.”
The track record
Since 2016, Ventures Platform has:
- Backed 90+ startups, including Moniepoint, Piggyvest, Remedial Health, and Thrive Agric
- Seen 4 out of 6 vintages return capital
- Achieved high graduation rates from Seed to Series A and beyond
Several portfolio companies — including OmniRetail, Thrive Agric, and Moniepoint — made the Financial Times’ 2024 list of Africa’s fastest-growing companies.
What they’re saying
- Dr. Olasupo Olusi, Bank of Industry: “By investing through iDICE, we’re catalyzing Nigeria’s innovation ecosystem and creating jobs at scale.”
- Françoise Lombard, Proparco CEO: “Our renewed support underscores confidence in Ventures Platform’s team and Africa’s startup potential.”
- Farid Fezoua, IFC: “This investment will accelerate innovation and unlock new opportunities across Africa’s tech ecosystem.”
