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.
The fund reached its final close just three years after Fund I, despite a significantly more cautious global venture capital environment. The oversubscribed raise underscores growing institutional confidence in Africa’s innovation economy and Ventures Platform’s strategy of identifying and backing exceptional founders from the earliest stages of company building.
The latest close brings new institutional investors into the fund’s limited partner base, including the European Bank for Reconstruction and Development (EBRD), Norfund, Norway’s development finance institution, Alphatron, and Ashesi University Foundation. The fund also welcomed a consortium of new family offices.
These investors join existing LPs from the fund’s first close, including the Nigeria Investment in Digital and Creative Enterprises (iDICE) programme, 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, the Micro, Small & Medium Enterprises Development Agency (MSMEDA), AfricaGrow, and Alder Tree Investment.
With VP Pan-African Fund II now closed, Ventures Platform plans to deepen its investments across the pre-seed to Series A stages, while retaining the capacity to support exceptional portfolio companies through subsequent funding rounds.
The fund will focus on category-defining founders developing solutions to some of Africa’s most pressing challenges and pursuing opportunities across key sectors. Ventures Platform said its focus remains on supporting mission-driven entrepreneurs using technology to drive economic prosperity, inclusion and access across the continent.
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 are emerging from undercapitalised yet highly resilient markets continues to drive interest in Africa’s technology ecosystem. Ventures Platform said the new fund positions it to play a central role in supporting this 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 more than a decade of operations, Ventures Platform has backed several category-leading companies, including _able, OmniRetail, PiggyVest, Raenest, Seamless Technologies, formerly SeamlessHR, and Moniepoint.
The $84 million raise highlights the growing depth of Africa’s venture capital ecosystem and reinforces Ventures Platform’s long-standing investment thesis of backing market-creating innovations and ambitious founders.
Beyond providing capital, the firm supports founders with strategic guidance, networks and ecosystem development from the early stages of company building.
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