Summary:
Ventures Platform raises $64M for second fund, targeting $75M final close
First-ever Nigerian government VC investment through iDICE program
Fund expands to Series A investing with focus on larger ownership stakes
Portfolio includes 90+ African startups across fintech, health tech, and AI
Africa described as "purest asymmetric play" with massive long-term growth potential
Ventures Platform's $64M Fund Boost
Lagos-based Ventures Platform, one of Africa's most active early-stage investors, has secured $64 million for its second fund, targeting a final close of $75 million, according to founding partner Kola Aina.
Historic Government Investment
This marks the first time the Nigerian government has invested in a venture capital fund, through its Investment in Digital and Creative Enterprises (iDICE) program. This is particularly significant as Nigeria hosts the largest number of startup unicorns in Africa.
Diverse Investor Backing
Limited partners in the fund include:
- IFC
- British International Investment (BII)
- Proparco
- Standard Bank
- MSMEDA
- AfricaGrow
- European family offices like Alder Tree Investment
- Former Y Combinator CEO Michael Seibel
Notably, 70% of investors from Ventures Platform's previous $46 million fund returned for this round.
Strategic Expansion
While maintaining strong focus on Nigeria, the firm is expanding into Francophone West Africa and North Africa to access promising deals earlier. The fund will now pursue Series A investments alongside pre-seed and seed rounds, aiming for larger ownership stakes.
Portfolio Impact
Ventures Platform has funded over 90 startups across Africa, primarily "painkiller" businesses in:
- Fintech
- Health tech
- Agtech
- Edtech
- AI
Notable portfolio companies include:
- Moniepoint (Visa-backed unicorn)
- Paystack (acquired by Stripe)
- LemFi (remittance app)
- SeamlessHR (Gates Foundation-backed)
- OmniRetail (Norfund-backed)
- Raenest (QED-backed fintech)
- Remedial Health (health tech)
Market Context
Despite Africa's tech ecosystem surpassing $12 billion in funding since 2015, stakeholders express concerns about shortage of exits and liquidity events. However, Ventures Platform has successfully attracted both local and international LPs during this challenging period.
Long-Term Vision
Aina describes Africa as the "purest asymmetric play for non-consensus alpha" - high-risk, high-upside bets. He emphasizes that by 2050, one in four humans will be African, with GDP growth rates double that of the U.S., creating massive opportunities for patient investors with local context.
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