Ventures Platform raises $84 million for second Pan-African fund
The Nigeria-based venture firm has secured an oversubscribed $84 million fund to expand investments beyond its home market, targeting early-stage startups in fintech, healthcare, and SaaS with a focus on artificial intelligence.
Ventures Platform has closed an oversubscribed $84 million second fund, marking a significant expansion for the Pan-African venture capital firm headquartered in Nigeria. The new capital represents a substantial increase from the $46 million raised for the firm’s first fund in 2022, allowing the manager to broaden its geographic mandate beyond its home market.
The firm plans to deploy the capital over the next three to four years, with individual investment checks capped at $3 million. Ventures Platform will target early-stage startups in sectors such as fintech, healthcare, and software as a service (SaaS), with a particular emphasis on how artificial intelligence can optimise cost structures and service delivery in African markets.
Founding partner Kola Aina described the fundraising environment as more selective than when the firm raised its initial fund. He noted that limited partners (LPs) are asking harder questions regarding performance, portfolio construction, and manager discipline, driven by a desire for greater evidence of realised returns. This shift reflects a broader trend in the African venture market, where capital is concentrating in top-tier firms and trusted emerging managers.
Reflecting this more cautious approach, African startups raised approximately $930 million across more than 200 deals this year, a decline from the $1.16 billion raised across 447 deals in the previous year. Aina stated that the market has moved from a phase of curiosity about the African opportunity to one where investors expect proof of value creation and capital efficiency.
Ventures Platform has already written checks from the new fund to five companies based in Kenya, South Africa, and Egypt. The firm’s strategy focuses on markets where technology can expand access to essential products and services, addressing critical infrastructure gaps and creating new categories of consumption.
The fundraising process took approximately 18 months, with 70 per cent of the firm’s previous limited partners returning for the second fund. Named backers for the new fund include the European Bank for Reconstruction and Development, Norway’s development finance institution Norfund, and Ghana’s Ashesi University Foundation.
