Ventures Platform, one of Africa's most active early-stage investors, has raised another $64 million | TechCrunch

"Lagos-based Ventures Platform, one of Africa's most active early-stage investors, has raised $64 million so far for its second fund, targeting a final close of $75 million, founding partner Kola Aina tells TechCrunch. Among the investors is the Nigerian government, through its Investment in Digital and Creative Enterprises (iDICE) program, which marks the first time this government has invested in a VC fund. That's significant, since Nigeria's burgeoning startup community is home to the largest number of startup unicorns on the continent."

"Ventures Platform launched its first institutional fund, a $46 million vehicle, in 2022 to focus primarily on pre-seed and seed rounds. With the second fund, the firm will also pursue Series A investing, while "investing with more conviction" and seeking larger ownership stakes, Aina said. This should be good news for the region's founders, as Series A funding has become harder to obtain after years of pullback from Silicon Valley firms."

Ventures Platform has raised $64 million so far toward a $75 million final close for its second fund. Investors include Nigeria's government via its iDICE program — the government's first investment in a VC fund — alongside IFC, British International Investment, Proparco, Standard Bank, MSMEDA, AfricaGrow, European family offices and backers like Michael Seibel. Seventy percent of previous fund investors returned. The firm launched a $46 million first institutional fund in 2022 focused on pre-seed and seed, and will expand to Series A while seeking larger ownership stakes. Ventures Platform has funded over 90 startups and is expanding into Francophone West Africa and North Africa.

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