Ventures Platform secured a $64 million first close for its second fund, Pan-African Fund II, which aims to deepen seed investments, catalyse Series A rounds, and accelerate its expansion to power the continent's next innovation wave.
Investors include the International Finance Corporation, Standard Bank (South Africa), British International Investment, Proparco through its EU-backed Choose Africa VC program, Micro, Small, and Medium Enterprises Development Agency, AfricaGrow, and the Investment in digital and Creative Enterprises.
The Nigerian venture capital firm said in a statement that it is targeting a final close of $75 million, with plans to consolidate the firm's activities in Francophone Africa and accelerate expansion into North Africa, while doubling down on its core operations in its country of origin and across the diaspora..
The fund will target companies developing essential solutions in fintech, healthtech, agritech, edtech, and AI sectors.
Speaking on the close, Kola Aina, founding partner at Ventures Platform, said: “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.
“The continent’s innovation opportunity is boundless, the needs are immense, but realising its full impact demands smart contextual capital, post-investment value creation, and a commitment to de-risking ground breaking market-creating innovations.
“With Venture Platform Pan-African Fund II, we are broadening our reach and deepening our focus on discovering and empowering innovators that will solve chronic non-consumption across the continent.”
Nimalan Reddy, executive vice president, Investment Banking/Equity Investments at Standard Bank South Africa, added: “This is a testament to the quality and strength of the Ventures Platform team and our commitment to supporting high impact entrepreneurs across Africa.”
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