African venture capital firm Ventures Platform has announced a US$64 million first close of its second institutional vehicle, VP Pan-African Fund II, targeting a final close of US$75 million.
The fund will continue to back early-stage startups across Africa but expands its remit to lead and catalyse Series A rounds. Ventures Platform stated the new strategy places greater emphasis on high-growth sectors, including fintech, healthtech, agritech, edtech and artificial intelligence.
Seventy per cent of commitments for the first close came from the firm’s prior institutional fund, signalling strong investor confidence. Backers include the International Finance Corporation (IFC), Standard Bank (South Africa), British International Investment (BII), Proparco via the EU-backed Choose Africa VC programme, Nigeria’s iDICE programme and other institutional and family-office investors.
Founding Partner Kola Aina commented the new fund reflects “Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact” and emphasised the firm’s commitment to backing “market-creating innovations” that address non-consumption and infrastructure gaps.
Since its inception in 2016, Ventures Platform has invested in over 90 startups across the continent and achieved notable exits. Its earlier fund closed in December 2022 and delivered returns on four of six vintages to date, the firm said.
The additional capital from Fund II will support Ventures Platform’s pan-African expansion, deepen its presence in Francophone and North Africa and reinforce operations in Nigeria. It will also enable the firm to lead larger rounds and provide follow-on capital to its portfolio companies.
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