Ventures Platform, Africa’s leading seed-stage fund, has announced the final close of its second institutional fund – VP Pan-African Fund II (VP PAF II)– at $84 million, exceeding its original target of $75 million.
Achieved just three years after the close of Fund I and against a markedly more cautious global venture backdrop, the oversubscribed Fund II reflects growing global institutional confidence in Africa’s innovation economy, and confidence in Ventures Platform’s approach to identifying and backing exceptional founders from the earliest stages of company building.
The final close brings new institutional investors into the fund’s LP base, including the European Bank for Reconstruction and Development (EBRD), Norfund (Norway’s Development Finance Institution), Alphatron, and Ashesi University Foundation – a strong, reflection of the fund’s appeal to institutions committed to developing Africa’s innovation ecosystem, The close also welcomed a consortium of new family offices.
These new investors join a group of existing LPs from the first close, including Nigeria Investment in Digital and Creative Enterprises (iDICE) program, the International Finance Corporation (IFC), a member of the World Bank Group, Standard Bank (South Africa), British International Investment (BII), Proparco (through the EU-backed Choose Africa VC programme), Micro, Small & Medium Enterprises Development Agency (MSMEDA), AfricaGrow, and Alder Tree Investment.
With the now-closed fund, Ventures Platform will double down on leading and catalysing pre-seed to series A investments with capacity to support exceptional portfolio companies through subsequent rounds, backing category-defining founders building solutions to some of Africa’s most pressing challenges and transformative opportunities. As the firm moves into this next phase of deployment, its focus remains on supporting mission-driven entrepreneurs who are using technology to drive economic prosperity, inclusion, and access across key sectors.
Speaking on the final close, Kola Aina, Founding and Managing Partner at Ventures Platform, said: “This fund is ultimately not about the capital we’ve raised, but about the entrepreneurs we’re privileged to be able to back. Across Africa, we’re seeing a new generation of founders building enduring companies with greater technical depth, stronger governance, bigger ambition and a clear understanding of the markets they serve. These businesses are being built for resilience as much as growth, and we believe that positions them to create lasting value. We’re deeply grateful for the confidence of our investors and excited to partner with ambitious founders solving meaningful problems across the continent”
Globally, growing recognition that some of the most compelling innovation opportunities will emerge from undercapitalised yet highly resilient markets continues to generate meaningful interest in Africa’s technology ecosystem. The fund positions Ventures Platform at the centre of enabling that opportunity.
Dirk Werner, Managing Director of Equity, EBRD, said: “Innovation is increasingly shaping Africa’s economic future, yet venture capital remains underdeveloped relative to the scale of entrepreneurial activity across the continent. By investing in Ventures Platform Pan-African Fund II, we are helping to strengthen the market infrastructure that enables innovative businesses to access growth capital and scale their impact.”
Jerry Jansen, Investment Manager, Alphatron, added: “We are excited to be part of the Ventures Platform journey and to support its continued commitment to backing Africa’s most ambitious founders. We see tremendous potential in Africa’s technology ecosystem and look forward to working alongside the firm to help build enduring businesses, unlock new opportunities, and create lasting positive impact across the continent.”
With over a decade of operation, Ventures Platform has consistently backed category-leading companies, including _able, OmniRetail, PiggyVest, Raenest, Seamless Technologies (formerly SeamlessHR) and Moniepoint. The raise reflects the increasing depth of the African venture ecosystem and reinforces Venture Platform’s long-standing thesis of investing in market-creating innovations, and backing founders with capital alongside strategic guidance, networks and ecosystem development, from the early stages of company building.
