Ventures Platform Hits $84M Fund II, Defying Global VC Downturn

Ventures Platform, a leading seed-stage fund focused on Africa’s innovation economy, has announced the final close of its second institutional fund – VP Pan-African Fund II (VP PAF II) – at $84 million. This exceeds their initial target of $75 million and demonstrates growing investor confidence in African startups despite global economic headwinds.

The oversubscribed Fund II brings new investors like the European Bank for Reconstruction and Development (EBRD), Norfund, Alphatron, and Ashesi University Foundation into Ventures Platform’s portfolio. These institutions join existing limited partners including Nigeria iDICE program, IFC, Standard Bank, BII, Proparco, MSMEDA, AfricaGrow, and Alder Tree Investment.

With this new capital, Ventures Platform will double down on pre-seed to Series A investments in companies addressing critical challenges across sectors like fintech, healthcare, and edtech. The firm’s focus remains on backing mission-driven entrepreneurs using technology for economic prosperity and inclusion.

“This fund isn’t about the capital raised but about the founders we can support,” said Kola Aina, Founding Partner at Ventures Platform. “We’re seeing a new generation of African entrepreneurs building resilient companies with technical depth and market understanding.”

The closing underscores growing global recognition of Africa as an innovation frontier. Dirk Werner of EBRD noted that strengthening venture capital infrastructure is crucial for enabling high-growth businesses to access funding and scale their impact.

Ventures Platform has previously backed category-leading companies like PiggyVest, SeamlessHR, and Moniepoint, reflecting their focus on market-creating innovations and providing founders with more than just capital – including strategic guidance and network access.