VENTURES PLATFORM RAISES $84M FOR AFRICAN STARTUPS

Ventures Platform has raised $84m for its second institutional fund, exceeding its initial target of $75m as investors continue to show interest in Africa’s technology ecosystem.

The Nigerian venture capital firm announced the final close of its Ventures Platform Pan-African Fund II, three years after raising its first institutional fund.

The latest fund attracted several new institutional investors, including the European Bank for Reconstruction and Development, Norfund, Alphatron and Ashesi University Foundation, alongside a consortium of family offices.

Ventures Platform said the fund was oversubscribed despite a more cautious global venture capital market, which has made fundraising more difficult for startups and investment firms.

The firm plans to use the new capital to increase investments in African startups from the pre-seed stage through Series A, while retaining the ability to provide follow-on funding to strong-performing companies.

Founding and Managing Partner of Ventures Platform, Kola Aina, said the fund was focused on supporting entrepreneurs building companies capable of creating lasting value across Africa.

The investment firm has backed several African technology companies, including PiggyVest, Moniepoint, OmniRetail, Raenest and Seamless Technologies.

The European Bank for Reconstruction and Development said its investment was aimed at helping strengthen the venture capital market and improve access to growth funding for innovative African businesses.

Ventures Platform said the new fund would continue its focus on market-creating innovations while giving founders access to capital, strategic support, networks and other resources needed to grow their businesses.

The $84m fund represents a significant increase in the firm’s capacity to support early-stage technology companies across the continent.