Ventures Platform, an Africa-focused early-stage VC firm, has closed its $46 million early-stage and global fund.
A to Z Impact, Proparco with FISEA, AfricaGrow, Standard Bank, the International Finance Corporation, British International Investment, and other investors were among the renowned investors who contributed to the fund’s success in exceeding its initial target of $40 million.
The company, founded in 2016 by Kola Aina, has invested in 81 technology businesses across Africa. It intends to use this cash to increase its commitment to “category-leading” businesses on the continent and to make Series A investments in portfolio companies.
Seni Suleyman joined the firm as a venture partner in December 2021 when it created a $40 million fund to expand its presence in West Africa and invest in businesses from other African nations.
Dotun Olowoporoku, who was TeamApt’s former chief commercial officer, was appointed managing partner this year, while Desigan Chinniah was appointed as a venture partner.
The founder of Ventures Platform, Aina, stated, “We recognize the tougher macroeconomic climate at present and while we remain cautious in terms of market dynamics and remain grounded in our long-standing belief in proper due diligence and corporate governance, we are also acutely aware that with our investment thesis, which is focused on market-creating innovations that thrive when value-chains and markets are restructured, there continue to be incredible opportunities amidst the current macroeconomic climate.
The portfolio firms of Ventures Platform have so far raised over $1 billion in additional capital.
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