The seed-stage fund, targeting a final close of $75M, is expanding its reach to back ventures solving non-consumption and plugging infrastructural gaps across the continent.
Ventures Platform, a leading seed-stage investor in Africa, has announced the successful $64 million first close of its second fund, the VP Pan-African Fund II (PAF II). This significant milestone brings the firm closer to its final target of $75 million, cementing its commitment to accelerating the continent’s rapidly evolving startup ecosystem.
The successful first close saw an impressive 70% of Limited Partner interest coming from the firm’s first institutional fund, demonstrating strong confidence in Ventures Platform’s strategy and track record.
VP PAF II attracted a powerful mix of new and returning investors, highlighting the global belief in Africa’s potential. Key LPs include:
- Nigeria Investment in Digital and Creative Enterprises (iDICE) program: A landmark commitment aimed at positioning Nigeria as a global hub for digital innovation.
- International Finance Corporation (IFC)
- Standard Bank (South Africa)
- British International Investment (BII)
- Proparco (through its EU-backed Choose Africa VC program)
- Prominent European family offices and global investors like Michael Seibel.
With PAF II, Ventures Platform is strategically expanding its investment scope. While maintaining its foundational pre-seed and seed rounds, the fund will now lead and catalyse Series A investments. This move is crucial for de-risking high-potential ventures and fostering greater value creation across the portfolio.
Geographically, the fund is doubling down on core operations in Nigeria and Francophone Africa while accelerating expansion into North Africa, ensuring a truly pan-African impact.
Founding Partner, Kola Aina, emphasized the fund’s clear mission: to back painkiller solutions that address fundamental infrastructural gaps. PAF II will prioritize ventures building market-creating innovations that solve for non-consumption in sectors like Fintech, Healthtech, Agritech, Edtech, and AI.
“The backing we’ve received is a powerful endorsement of Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact,” said Kola Aina.
Since 2016, Ventures Platform has funded over 90 startups, boasting an impressive return of 4 out of 6 vintages to date. Their portfolio success is undeniable, with high graduation rates from Seed to Series A and beyond.
Notable portfolio companies include:
- Moniepoint (Africa’s newest unicorn)
- LemFi (Series B)
- SeamlessHR, Raenest, and Remedial Health
The firm’s success is rooted in its deep local expertise, a robust platform for portfolio success, and a team of ex-operators who understand the nuances of the African market, positioning them as the investor of choice for the continent’s most promising innovators.
