Ventures Platform, one of Africa’s most active early-stage investors, has raised $64 million toward the $75 million target for its second fund, marking another milestone for the continent’s growing venture ecosystem.
The raise includes a landmark contribution from the Nigerian government through its Investment in Digital and Creative Enterprises (iDICE) program — the first time the government has invested directly in a venture capital fund.
Other limited partners include IFC, British International Investment (BII), Proparco, Standard Bank, MSMEDA, and AfricaGrow, alongside European family offices such as Alder Tree Investment and global backers including Michael Seibel, former CEO of Y Combinator. According to founding partner Kola Aina, around 70% of LPs from Ventures Platform’s first fund have reinvested.
“This new fund allows us to invest with more conviction — writing larger checks, taking meaningful ownership, and supporting founders at Series A and beyond,” said Aina.
A government-backed signal of confidence
Nigeria’s debut as a venture LP underscores growing confidence in homegrown fund managers. Since its founding in 2016, Ventures Platform has built a reputation for identifying breakout startups early — backing companies like Paystack (acquired by Stripe) and Moniepoint, now one of Africa’s largest fintech unicorns.
“Moniepoint has driven financial inclusion to the nooks and crannies of Nigeria,” Aina said. “Paystack helped small businesses sell beyond their immediate communities. That’s market-creating innovation.”
The firm launched its first institutional fund in 2022, a $46 million vehicle focused on pre-seed and seed rounds. With its second fund, Ventures Platform will extend into Series A investing while expanding geographically into Francophone West Africa and North Africa to gain earlier access to emerging founders.
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Investing in ‘painkiller’ startups solving real access gaps
To date, Ventures Platform has backed over 90 startups across fintech, healthtech, agritech, edtech, and AI — companies that Aina calls “painkillers,” solving for non-consumption by creating access where none existed. Its portfolio includes LemFi (cross-border payments), SeamlessHR, OmniRetail, Raenest, and Remedial Health.
Despite a global slowdown in venture funding and ongoing concerns about liquidity and exits in Africa, Ventures Platform has maintained investor confidence. The firm says it has recycled capital from four of its six vintages since 2016 and ranks among the top-performing African funds globally by TVPI and IRR for its vintage year.
Betting on Africa’s asymmetric upside
While African VC funding fell from $5 billion in 2021 to roughly $2 billion last year, Aina remains bullish on the long-term opportunity.
“If you’re a global capital allocator looking for true diversification, Africa is the place,” he said. “By 2050, one in four humans will be African. Our GDP growth is double that of the U.S., and most of the value is still offline. The opportunity is huge — if you have patience and local context.”
Ventures Platform’s growing network and proven track record position it at the forefront of Africa’s next investment wave — one built not just on global capital, but on regional conviction.
About Ventures Platform
Founded in 2016 and headquartered in Lagos, Ventures Platform is one of Africa’s most active early-stage venture capital firms. It backs mission-driven founders building “painkiller” solutions across fintech, healthtech, agritech, edtech, and AI — tackling the continent’s most pressing access gaps. With over 90 portfolio companies and investors ranging from IFC to the Nigerian government, Ventures Platform is shaping the next decade of African innovation.
