Ventures Platform Raises $84 Million for Pan-African Investments
Nigerian venture capital firm Ventures Platform has successfully closed its second fund at $84 million, nearly doubling the $46 million raised for its first fund in 2022. This new funding will enable the company to make larger investments and take bigger equity stakes in African startups.
Key Highlights:
- Fund Size: $84 million (almost double the first fund)
- New Investors: European Bank for Reconstruction and Development (EBRD), Norfund, Alphatron, and Ashesi University Foundation joined existing investors
- Investment Strategy: Larger initial investments of up to $3 million with an average cheque size of $1.5 million, targeting 10-12% ownership
- Portfolio Companies: Previous investments include Paystack, PiggyVest, Moove, Mono, Remedial Health, and Raenest
Ventures Platform’s Fund II will follow the same model as its predecessor, investing in startups at the pre-seed, seed, or pre-Series A stages. The larger cheque sizes align with a broader trend in African venture capital toward fewer, more substantial investments.
Strategic Implications for African Startups
The closing of this fund provides additional capital to African founders amid increased fundraising selectivity. With $84 million now available, Ventures Platform can support companies at critical growth stages while taking meaningful equity positions—a win-win for both investors and entrepreneurs.