Ventures Platform Raises $84 Million for Expansion

Nigerian venture capital firm Ventures Platform has announced the final close of its second fund at $84 million. This represents nearly double the $46 million raised for its first fund in 2022, signaling strong investor confidence in African startups.

The new fund includes commitments from European Bank for Reconstruction and Development (EBRD), Norfund (Norway’s DFI), Dutch family office Alphatron, and Ashesi University Foundation. This adds to the $64 million already secured in a first close last November.

Ventures Platform invests at the pre-seed, seed, and pre-Series A stages, with an average investment of $1.5 million per company—though they can invest up to $3 million initially—seeking 10%–12% ownership.

Strategic Shift in African Venture Capital

The larger fund size aligns with a broader trend in the African VC landscape toward fewer, more significant investments rather than numerous smaller ones. In the first half of 2024, total funding to African startups rose by 1.4%, reaching $1.44 billion—despite a decline from 252 deals to 174.

Ventures Platform’s portfolio includes prominent companies like Paystack, PiggyVest, Moove, Mono, Remedial Health, and Raenest, demonstrating their focus on high-growth potential businesses across various sectors.

The additional capital provides African founders with a valuable new funding source at a time when competition for investment has intensified.