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    Nigeria-based venture capital firm Ventures Platform has raised $84 million for its Fund II to back founders solving some of Africa’s most pressing challenges.

    The final close, which exceeded the fund’s $75 million target, brought in new institutional backing from EBRD, Alphatron, Norfund, and a consortium of family offices.

    Fund II will support mission-driven entrepreneurs using technology to drive economic prosperity, inclusion, and access across key sectors in Africa.

    Related Post: Ventures Platform Raises $64M, Nears $75M Fund II Close

    Confidence in Africa’s Tech Economy Grows Despite Global Caution

    Ventures Platform, one of Africa’s leading seed-stage venture capital firms, has announced the final close of its second institutional fund, VP Pan African Fund II, at $84 million. The oversubscribed fund exceeded its original $75 million target and closed just three years after Fund I, despite a more cautious global venture environment.

    The oversubscribed Fund II shows growing global institutional confidence in Africa’s innovation economy. It also shows confidence in Ventures Platform’s approach to finding and backing exceptional founders from the earliest stages.

    “This fund is ultimately not about the capital we’ve raised, but about the entrepreneurs we’re privileged to be able to back,” Kola Aina, Founding and Managing Partner at Ventures Platform, said. “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.”

    Globally, there’s a growing recognition that some of the most compelling innovation opportunities will emerge from highly resilient markets. Nevertheless, Africa continues to generate meaningful interest in its technology ecosystem. The fund positions Ventures Platform at the center of enabling that opportunity. 

    The raise reflects the increasing depth of the African venture ecosystem. It reinforces Ventures Platform’s long-standing thesis of investing in market-creating innovations. The firm backs founders with capital, strategic guidance, networks, and ecosystem development from the early stages of company building.

    With over a decade of operation, Ventures Platform has consistently backed category-leading companies. These include Able, OmniRetail, PiggyVest, Raenest, Seamless Technologies (formerly SeamlessHR), and Moniepoint.

    Related Post: Catalyst Fund Reaches $30M Second Close to Back Africa’s Climate Startups

    Ventures Platform is Creating an Enabling Environment for African Businesses

    The final close brings new institutional investors into the fund’s limited partner (LP) base. These include the European Bank for Reconstruction and Development (EBRD), Norfund (Norway’s Development Finance Institution), Alphatron, and Ashesi University Foundation. This shows strong appeal to institutions committed to developing Africa’s innovation ecosystem. 

    “Innovation is increasingly shaping Africa’s economic future, yet venture capital remains underdeveloped relative to the scale of entrepreneurial activity across the continent,” Dirk Werner, Managing Director of Equity, EBRD, said. “By investing in Ventures Platform Pan-African Fund II, we are helping to strengthen the market infrastructure that enables innovative businesses to access growth capital and scale their impact.”

    The close also welcomed a consortium of new family offices. These new investors join existing LPs from the first close. They include the Nigeria Investment in Digital and Creative Enterprises program, iDICE, the International Finance Corporation, IFC, a member of the World Bank Group, Standard Bank from South Africa, British International Investment, BII, Proparco through the EU-backed Choose Africa VC program, Micro Small and Medium Enterprises Development Agency, MSMEDA, AfricaGrow, and Alder Tree Investment.

    With the fund now closed, Ventures Platform will double down on leading and driving pre-seed to series A investments. The firm can also support exceptional portfolio companies through later rounds. Ventures Platform backs category-defining founders who are building solutions to some of Africa’s most pressing challenges and transformative opportunities. 

    Related Post: LoftyInc Capital Secures $43M For New Pan-African Seed Fund

    As the firm moves into this next phase of deployment, it remains focused on supporting mission-driven entrepreneurs. These entrepreneurs use technology to drive economic prosperity, inclusion, and access across key sectors.

    Main Image: Kola Aina, Dotun Olowoporoku, General Partners, Ventures Platform. Image Credit: Techpoint Africa

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    The post Ventures Platform Closes $84M Fund II to Back African Founders appeared first on UrbanGeekz.

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