Ventures Platform has announced the final close of its second institutional fund, Ventures Platform Pan-African Fund II (VP PAF II), at $84 million, exceeding its initial $75 million target.
The oversubscribed fund closed three years after the firm’s first institutional fund. Ventures Platform said the raise reflects continued institutional confidence in Africa’s technology and innovation ecosystem.
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EBRD, Norfund and new family offices join investor base
The latest close brings several new institutional investors into Ventures Platform’s limited partner base, including the European Bank for Reconstruction and Development (EBRD), Norfund, Alphatron and Ashesi University Foundation, alongside a consortium of family offices.
They join existing investors including the International Finance Corporation (IFC), British International Investment (BII), Standard Bank, Proparco, Nigeria’s iDICE programme, AfricaGrow and Alder Tree Investment, among others.
With the new fund, Ventures Platform plans to expand its investments from pre-seed through Series A. It will also be able to support portfolio companies through subsequent funding rounds.
The firm said it will focus on founders building technology-driven businesses addressing challenges and opportunities across sectors including economic inclusion, access and productivity.
“This fund is ultimately not about the capital we’ve raised, but about the entrepreneurs we’re privileged to be able to back,” said Kola Aina, Founding and Managing Partner at Ventures Platform.
Ventures Platform has previously backed companies including Moniepoint, PiggyVest, OmniRetail, Raenest, Seamless Technologies and _able.
Dirk Werner, Managing Director of Equity at EBRD, said the investment would help strengthen the market infrastructure needed for innovative African businesses to access growth capital and scale.
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