Lagos-based venture capital firm Ventures Platform has announced a $64 million first close for its second fund, with a target of $75 million. The fund, dubbed “VP Pan-African fund II,” signals a significant move by the firm to double down on African tech, expanding from its early-stage roots to lead larger, more complex investment rounds.
The new fund saw a strong vote of confidence: 70 percent of the limited partners (LPs), or investors, from its first fund have returned.
The firm also attracted a slate of major institutional backers. A key participant is the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, a government-backed initiative aimed at boosting Nigeria’s tech and creative sectors. The Bank of Industry, which implements the iDICE program, called the investment part of the “Federal Government’s objective of upscaling the Nigerian technology and creative sectors.”
Other heavyweight backers include the International Finance Corporation (IFC) from the World Bank Group, Standard Bank, British International Investment (BII), and Proparco. The fund also attracted investment from European family offices and prominent individuals, including former Y Combinator CEO Michael Seibel.
A New Strategy: From Seed to Series A
With this new capital, Ventures Platform is shifting its strategy. While it built its reputation on pre-seed and seed-stage deals, the firm now plans to lead Series A rounds. The firm says this will “de-risk high-potential ventures” – essentially, helping its most promising companies bridge the difficult funding gap between their initial start and becoming a high-growth company.
Alongside leading larger rounds, the VC is expanding its geographic footprint. While Nigeria remains its core, Ventures Platform will consolidate its activities in Francophone Africa and accelerate expansion into North Africa.
Solving for “Non-Consumption”
The firm’s investment thesis centers on what it calls “painkiller” solutions. This isn’t about funding the next “nice-to-have” app; it’s about backing companies that solve fundamental, chronic problems for businesses and consumers.
Ventures Platform is specifically targeting what it calls “non-consumption.” This is a term for a market where large numbers of people are left out of a service – not because they don’t want it, but because no one has built an accessible or affordable way for them to use it. The firm will be looking for startups plugging these infrastructural gaps in sectors like:
- Fintech
- Healthtech
- Agritech
- Edtech
- AI
“We believe Africa’s challenges are its greatest opportunities,” said Founding Partner Kola Aina in a statement, adding that the firm is focused on “innovators that will solve chronic non-consumption across the continent.”
A Track Record of Picking Winners
Ventures Platform has been operating since 2016 and has backed over 90 startups. Its portfolio includes some of the continent’s most high-profile successes, including the fintech unicorn Moniepoint, payments company Paystack (acquired by Stripe), and savings platform Piggyvest.
The firm’s ability to pick winners is a core part of its pitch. Several of its portfolio companies, including OmniRetail, Thrive Agric, and Moniepoint, were all recognized on the Financial Times’ 2024 list of Africa’s 25 fastest-growing companies. Remedial Health was also named to Time’s 2025 list of the World’s Top Health Companies.
Backers from the IFC, Standard Bank, and Proparco all issued statements supporting the move, highlighting the need to channel capital into Africa’s tech ecosystem to solve challenges in these core sectors.
“Emerging markets are home to a new generation of founders building practical, scalable solutions to pressing development challenges,” said Farid Fezoua, IFC Global Director for Disruptive Technologies. “[This] will help early-stage startups move from proof-of-concept to growth.”
