Ventures Platform Closes $84m Pan-African Fund II

By Adedapo Adesanya

Ventures Platform, an African seed-stage venture capital firm, has announced the final close of its second institutional fund, VP Pan-African Fund II (VP PAF II), at $84 million, exceeding its initial target of $75 million.

The fund, which closed three years after the firm’s first institutional fund, was oversubscribed despite a more cautious global venture capital environment.

The latest fundraising brings new institutional investors into Ventures Platform’s limited partner base, including the European Bank for Reconstruction and Development (EBRD), Norway’s development finance institution Norfund, Alphatron and Ashesi University Foundation.

In a statement, the fund said a consortium of new family offices also participated in the final close.

They join existing investors from the fund’s first close, including the Nigeria Investment in Digital and Creative Enterprises (iDICE) programme, the International Finance Corporation (IFC), Standard Bank of South Africa, British International Investment (BII), Proparco through the EU-backed Choose Africa VC programme, the Micro, Small and Medium Enterprises Development Agency (MSMEDA), AfricaGrow and Alder Tree Investment.

With the fund now closed, Ventures Platform said it would increase its focus on pre-seed to Series A investments, while retaining the capacity to support selected portfolio companies through subsequent funding rounds.

The firm said the fund would target founders developing technology-driven solutions to challenges and opportunities across key sectors of the African economy, with a focus on economic prosperity, inclusion and access.

Speaking on the fund’s final close, Ventures Platform Founding and Managing Partner, Mr Kola Aina, said the fundraising was ultimately about supporting entrepreneurs building enduring companies across Africa.

“Across Africa, we’re seeing a new generation of founders building enduring companies with greater technical depth, stronger governance, bigger ambition and a clear understanding of the markets they serve,” Mr Aina said.

He added that the companies were being built for resilience as well as growth, positioning them to create lasting value.

The firm said increasing global recognition of opportunities in undercapitalised but resilient markets was driving continued interest in Africa’s technology ecosystem.

On his part, the EBRD Managing Director of Equity, Dirk Werner, said the institution’s investment in VP PAF II would help strengthen the venture capital market and improve access to growth capital for innovative African businesses.

“Innovation is increasingly shaping Africa’s economic future, yet venture capital remains underdeveloped relative to the scale of entrepreneurial activity across the continent,” Mr Werner said.

Alphatron Investment Manager, Mr Jerry Jansen, said the firm was excited to support Ventures Platform’s efforts to back ambitious African founders and build enduring technology companies.

Ventures Platform has operated for more than a decade and has invested in companies including PiggyVest, Moniepoint, OmniRetail, Raenest, _able and Seamless Technologies, formerly SeamlessHR.

The firm said the latest fundraising demonstrated the growing depth of Africa’s venture capital ecosystem and reinforced its strategy of backing market-creating innovations and founders from the early stages of company building.