Ventures Platform, based in Lagos and recognized as one of Africa's most active early-stage investors, has secured $64 million for its second fund, with a final target of $75 million, according to founding partner Kola Aina in an interview with TechCrunch.
The Nigerian government participated in this funding round through its "Investment in Digital and Creative Enterprises" (iDICE) program, marking its first-ever investment in a venture capital fund. This move is significant given Nigeria's thriving startup ecosystem, which has produced the highest number of unicorn startups on the continent.
Other limited partners in Ventures Platform's second fund include the International Finance Corporation (IFC), British International Investment (BII), Proparco (a subsidiary of the French Development Agency), Standard Bank, Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), AfricaGrow, European family offices like Alder Tree Investments, and prominent global investors such as former Y Combinator CEO Michael Seibel. Aina noted that 70% of investors from the firm’s previous fund chose to reinvest.
Nigeria’s selection of Ventures Platform for its maiden VC investment comes as no surprise. Since its founding in 2016, the firm has built a reputation for identifying breakthrough Nigerian startups at an early stage and now aims to replicate this model across other African markets.
In 2022, Ventures Platform launched its first institutional fund, totaling $46 million, primarily targeting pre-seed and seed-stage investments. With the second fund, the firm plans to expand into Series A rounds, committing more capital and seeking larger equity stakes—a welcome development for African founders, as Series A funding has become increasingly scarce due to Silicon Valley’s retreat.
While Ventures Platform intends to deepen its focus on Nigeria, it has also begun investing in Francophone West Africa and North Africa to identify promising opportunities earlier. To date, the pan-African VC has backed over 90 startups across the continent, predominantly in fintech, healthtech, agritech, edtech, and AI—companies addressing critical gaps in underserved markets.
Aina highlighted two portfolio successes: Moniepoint, a Visa-backed unicorn, and Paystack, acquired by Stripe. Both fintech firms pioneered online payments and SME banking solutions. "Before Paystack, many small businesses couldn’t expand beyond their localities due to lack of online payment options," he said. "Moniepoint brought financial inclusion to Nigeria’s remotest corners. That’s market-creating innovation."
Other notable portfolio companies include remittance app LemFi (backed by Left Lane), HR-tech firm SeamlessHR (supported by the Gates Foundation), retail-tech company OmniRetail (funded by Norway’s development finance institution), fintech Raenest (QED-backed), and healthtech Remedial Health.
Despite Africa’s tech ecosystem raising over $12 billion since 2015, concerns about limited exit opportunities and liquidity events persist, making fundraising tougher—especially for emerging managers amid global market headwinds. Yet, Ventures Platform has attracted both local and international LPs despite these challenges.
"Some LPs recognize Africa’s long-term potential based on other markets’ VC evolution. Others reinvest because we’ve delivered returns," Aina explained. Four of the firm’s six funds (including five angel syndicates) launched between 2016–2022 have returned capital, with its debut fund ranking among the top global performers by TVPI and IRR metrics.
Addressing Africa’s funding slowdown (from $5 billion in 2021 to $2 billion last year), Aina emphasized the continent’s enduring potential, calling it "the purest asymmetric bet for non-consensus alpha"—a high-risk, high-reward VC opportunity. "For global allocators seeking true diversification, Africa is ideal," he said. "By 2050, one in four people globally will be African. GDP growth here doubles the U.S. rate, yet most value remains offline. With patience and local insight, the opportunities are immense."