Ventures Platform, a prominent early-stage venture capital firm in Africa, has secured $64 million for its second fund, with a target of $75 million, according to founding partner Kola Aina. The investment round includes participation from the Nigerian government through its Investment in Digital and Creative Enterprises program, marking a significant milestone as the country’s first direct investment in a venture capital fund.
Other notable investors in the round include the International Finance Corporation, British International Investment, Proparco, Standard Bank, and several family offices, as well as former Y Combinator CEO Michael Seibel. Approximately 70% of limited partners from the firm’s previous fund have reinvested, demonstrating continued confidence in Ventures Platform’s investment strategy.
Launched in 2016, Ventures Platform has established itself as a key player in identifying and supporting promising African startups. The firm’s second fund will expand its investment scope to include Series A rounds, focusing on larger ownership stakes and investing with greater conviction. This shift in strategy reflects the growing maturity of Africa’s startup ecosystem and the increasing availability of local capital.
The participation of the Nigerian government in the investment round is particularly noteworthy, as it signals a recognition of the critical role that startups play in driving economic growth. Ventures Platform has a track record of investing in companies that address significant challenges and opportunities on the continent, with over 90 portfolio companies across sectors such as fintech, healthtech, and agritech.
The firm’s first fund has performed strongly, ranking among the top global performers by TVPI and IRR for its vintage. This success has helped attract repeat investors and demonstrates the potential for long-term, high-upside returns in Africa’s innovation ecosystem. Despite current challenges in the global venture capital market, Ventures Platform remains optimistic about the prospects for African startups, citing strong demographics, GDP growth, and the rapid digitization of offline sectors as key drivers of growth.