Ventures Platform, an African seed-stage venture capital firm, has announced the final close of its second institutional fund, Ventures Platform Pan-African Fund II, at $84 million, exceeding its initial $75 million target.
The fund closed three years after the firm raised its first institutional fund and amid a more cautious global venture capital environment, the firm said in a statement on Wednesday.
The latest close also expands the fund’s institutional investor base, with the European Bank for Reconstruction and Development, Norfund, Norway’s development finance institution, Alphatron and Ashesi University Foundation joining as new investors.
These investors join existing limited partners from the fund’s first close, including the Nigeria Investment in Digital and Creative Enterprises programme, the International Finance Corporation, Standard Bank South Africa, British International Investment, Proparco through the European Union-backed Choose Africa VC programme, the Micro, Small and Medium Enterprises Development Agency, AfricaGrow and Alder Tree Investment.
Ventures Platform said the oversubscribed fund reflects growing institutional confidence in Africa’s technology and innovation ecosystem and its strategy of identifying and backing founders at the earliest stages of company building.
With the fund now closed, Ventures Platform said it would increase its focus on pre-seed to Series A investments while retaining the capacity to support high-performing portfolio companies through subsequent funding rounds.
The firm said the fund would back founders building businesses that address some of Africa’s major economic and social challenges, with a focus on technology-driven solutions across key sectors.
Kola Aina, Founding and Managing Partner at Ventures Platform, said the fund was ultimately about the entrepreneurs the firm would be able to support rather than the amount of capital raised.
“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,” Aina said.
He added that the businesses were being built for resilience as well as growth, positioning 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,” he said.
The fund’s latest institutional backing comes as global investors continue to assess opportunities in Africa’s technology ecosystem despite a more challenging funding environment for startups.
Dirk Werner, Managing Director of Equity at EBRD, said innovation was increasingly shaping Africa’s economic future, while venture capital remained underdeveloped relative to the continent’s entrepreneurial activity.
“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,” Werner said.
Ventures Platform announced the first close of its pan-African fund in 2021 after raising $40 million.
Participants in the first fund included Paystack CEO Shola Akinlade, the Nigeria Sovereign Investment Authority, UAC Nigeria, VFD Group and international investors, including Y Combinator CEO Michael Seibel and Adam Draper.
In December 2022, the venture capital firm also announced the closure of its early-stage and intercontinental fund at $46 million, surpassing its initial $40 million target.
The oversubscribed fund attracted participation from some of Africa’s most active investors, as well as global investors comprising commercial banks, corporates, development finance institutions, institutional investors and high-net-worth individuals.
Founded in June 2016 by Kola Aina, Ventures Platform has invested in several African technology companies, including Moniepoint, PiggyVest, OmniRetail, Raenest and Seamless Technologies, formerly known as SeamlessHR.
In 2026, the venture capital firm has remained one of the investors backing African startups despite the broader funding slowdown.
According to industry research, Ventures Platform has participated in 56 deals involving African startups so far this year.
The close of its second institutional fund positions the firm to continue providing early-stage capital to African founders at a time when startups across the continent are facing tighter funding conditions.
With an expanded institutional investor base and $84 million in fresh capital, Ventures Platform is expected to increase its support for technology-driven businesses from the pre-seed stage through Series A while providing follow-on funding to companies demonstrating strong growth potential.