Ventures Platform, Africa’s seed-stage fund, has announced the first close of its second fund, VP Pan-African Fund II, with commitments totaling $64 million.
The fund, which targets a final close of $75 million, is aimed at expanding the firm’s early-stage investments and deepening its footprint across Africa’s technology ecosystem.
According to the firm, about 70% of the investors in this round participated in its previous institutional fund.
The new round saw contributions from both existing and new backers, including the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, the International Finance Corporation (IFC), Standard Bank of South Africa, British International Investment (BII), Proparco, Micro, Small & Medium Enterprises Development Agency (MSMEDA), and AfricaGrow.
The participation of iDICE marks its first investment in a venture capital vehicle. The initiative, implemented by Nigeria’s Bank of Industry, was designed to boost the country’s digital and creative industries.
Other investors in the fund include European family offices such as Alder Tree Investment and individual investors including Michael Seibel.
Since launching in 2016, Ventures Platform has invested in over 90 startups, including companies such as Moniepoint, Piggyvest, OmniRetail, Remedial Health, and Thrive Agric.
Several of its portfolio companies have advanced to later funding stages, with Moniepoint recently achieving unicorn status.
Speaking on the fund close, Founding Partner at Ventures Platform, Kola Aina, said the firm’s focus remains on supporting entrepreneurs addressing gaps in critical sectors and driving sustainable innovation across Africa.
“The backing we’ve received from a diverse group of blue-chip partners is a powerful endorsement of Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact,” he said.
In 2022, Venture platform announced the closure of its early-stage and intercontinental fund at $46 million.
Surpassing its initial $40 million target, the oversubscribed fund saw participation from one of the continent’s most prolific investors, as well as some global investors comprised of top-tier commercial banks, corporates, DFIs, global institutional investors, and HNIs.
At the time, Ventures Platform said it would use the fund to double down on backing a cohort of category-leading companies across the continent and would also allow for follow-on investments for portfolio companies, up to Series A.