Ventures Platform has secured $84 million in fresh funding for its second institutional fund, surpassing its initial $75 million target as global investors continue to show confidence in Africa’s fast-growing technology and startup ecosystem.
The venture capital firm announced the final close of its Ventures Platform Pan-African Fund II, three years after completing its first institutional fund. The latest fund attracted several new institutional investors, including the European Bank for Reconstruction and Development (EBRD), Norfund, Alphatron and Ashesi University Foundation, alongside a consortium of family offices.
They joined existing investors such as the International Finance Corporation, Standard Bank South Africa, British International Investment, Proparco, the Nigeria Investment in Digital and Creative Enterprises programme, the Micro, Small & Medium Enterprises Development Agency, AfricaGrow and Alder Tree Investment. The strong investor response means the fund closed above target despite a more cautious global venture capital environment.
Ventures Platform said the $84m fund will be used to back startups from the pre-seed stage through Series A, while also providing follow-on funding for promising companies in its portfolio. Founding and Managing Partner, Kola Aina, said the real significance of the fund was not simply the amount raised but the number of ambitious African founders the firm would now be able to support as they build resilient businesses.
The latest raise further strengthens Ventures Platform’s position as a major early-stage investor in Africa’s technology ecosystem. The firm, which has operated for more than a decade, has backed companies including PiggyVest, Moniepoint, OmniRetail, Raenest, able and Seamless Technologies, formerly SeamlessHR. EBRD Managing Director of Equity Dirk Werner said supporting the fund would help strengthen the infrastructure needed for innovative African businesses to access growth capital and scale.
source: punch
