Ventures Platform, one of Africa’s most active early-stage venture capital firms, has raised $64 million in the first close of its second fund. The fresh injection of capital is set to back a new generation of tech founders building solutions across sectors from fintech and agritech to artificial intelligence, with an eye on transforming the continent’s economy.
The fund, spearheaded by founding partner Kola Aina, is targeting $75 million at final close. It has drawn support from a mix of global and local backers, including the International Finance Corporation (IFC), Standard Bank of South Africa, British International Investment (BII), Proparco, AfricaGrow, and Nigeria’s iDICE programme. Other participants include Y Combinator’s Michael Seibel and several European family offices.
Aina said the new fund would help address “non-consumption”, the vast unmet needs in Africa’s underserved markets. “The continent’s innovation opportunity is boundless. Africa’s challenges are its greatest opportunities, and we’re backing founders solving problems that can shift the economic reality for millions,” he said.
Expanding beyond Nigeria
Ventures Platform plans to expand beyond its Nigerian base into North Africa and Francophone regions, while also moving beyond the pre-seed and seed stages to back startups at Series A level. The fund’s expanded scope aims to bridge the funding gap that has long limited the growth of promising African startups.
Since its launch in 2016, Ventures Platform has invested in over 90 startups, including Moniepoint, PiggyVest, LemFi, Thrive Agric, and OmniRetail. Many of these firms have become household names in the African fintech and digital economy, employing thousands and providing services that directly touch everyday lives, from digital savings to small business financing.
Its first institutional fund, closed in 2022, has delivered strong returns and positioned Ventures Platform as a credible magnet for international investors seeking exposure to Africa’s tech ecosystem.
A boost for jobs and incomes
Beyond its headline figures, the fund’s ripple effect could prove significant for ordinary Nigerians. With inflation biting hard and unemployment still high, the emergence of more digitally driven startups could offer lifelines in the form of new jobs and easier access to financial tools.
IFC’s global director for disruptive technologies, Farid Fezoua, said the fund would help early-stage startups move from concept to growth, creating quality employment and strengthening local value chains.
Standard Bank’s Nimalan Reddy described the partnership as “a continuation of trust built on performance,” noting that the fund’s success would ultimately benefit the wider economy by supporting entrepreneurs who keep money circulating within local communities.
The Bank of Industry, which manages the federal iDICE programme, echoed similar sentiments. “By investing in Ventures Platform’s Fund II, we’re catalysing job creation and supporting high-growth entrepreneurs across Nigeria,” said the bank’s chief executive, Dr. Olasupo Olusi.
Investing in Africa’s innovation future
For Aina, the long-term goal is to democratise prosperity. He said the firm wants to produce the next generation of African tech leaders capable of building companies that scale across borders and compete globally.
Three of Ventures Platform’s portfolio companies have already made the Financial Times’ list of Africa’s fastest-growing businesses in 2024, reinforcing the firm’s growing influence in shaping the continent’s innovation story.
If successful, Fund II will not only unlock opportunities for Africa’s startup founders but also generate economic impact that filters down to the average household — through job creation, digital inclusion, and an expanding ecosystem that rewards homegrown talent over imported solutions.
As Nigeria and other African economies seek new engines of growth, the rise of such homegrown funds may prove to be one of the continent’s most vital tools in redefining prosperity for the many, not just the few.
