Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
African seed-stage venture capital firm Ventures Platform has closed its second institutional fund, VP Pan-African Fund II (VP PAF II), at $84 million, exceeding its original $75 million target.
The fund reached its final close three years after Ventures Platform closed its first institutional fund, despite a more cautious global venture capital market.
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. These businesses are being built for resilience as much as growth, and we believe that positions them to create lasting value.”
The new fund will focus on investments from the pre-seed to Series A stages, while also giving Ventures Platform the ability to provide follow-on funding to promising portfolio companies as they grow.
The firm plans to back founders building technology-driven businesses that address major challenges and opportunities across Africa, including areas linked to economic growth, financial inclusion and access to essential services.
VP PAF II has attracted several new institutional investors, including the European Bank for Reconstruction and Development (EBRD), Norfund, Alphatron and Ashesi University Foundation, along with a group of new family offices.
They join existing investors from the fund’s first close, including the International Finance Corporation (IFC), British International Investment (BII), Standard Bank South Africa, Proparco, Nigeria’s iDICE programme, MSMEDA, AfricaGrow and Alder Tree Investment.
The participation of development finance institutions, commercial investors and family offices highlights growing international interest in Africa’s early-stage technology ecosystem.
Dirk Werner, Managing Director of Equity, EBRD, said: “Innovation is increasingly shaping Africa’s economic future, yet venture capital remains underdeveloped relative to the scale of entrepreneurial activity across the continent. 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.”
Ventures Platform is an African seed-stage venture capital firm that invests in technology-enabled businesses from the earliest stages of development.
The firm has operated for more than a decade and has backed several African technology companies that have grown into major businesses. Its portfolio includes Moniepoint, PiggyVest, OmniRetail, Raenest, Seamless Technologies (formerly SeamlessHR), and _able.
The VC firm provides more than capital, supporting founders through strategic guidance, industry networks and ecosystem development. Ventures Platform will use VP PAF II to invest primarily in pre-seed, seed and Series A companies across Africa.
The fund aims to support founders creating technology solutions for significant opportunities in Africa. Ventures Platform can also help some of these companies in future funding rounds as they grow.
The firm invests in businesses that can create new markets and tackle issues related to economic growth, inclusion, and access. Beyond financial investment, Ventures Platform will provide portfolio companies with strategic support, networks and other resources to help founders build sustainable businesses.
Earlier this year, Venture Platform Fund co-led a $3 million seed round investment in Cybervergent, marking the first investment from its Ventures Platform Pan-African Fund II (VP PAF II).
