Ventures Platform secures $64 million to back Africa’s startups
Ventures Platform secured a $64 million initial close for its second vehicle, VP Pan-African Fund II, which aims to reach a $75 million final close. The fund will grow support at the seed level, lead Series A rounds and speed the firm’s expansion across Africa to back startups that create market-building solutions.
Seventy percent of the commitments returned from investors in the firm’s first institutional vehicle, while the roster of backers also features Nigeria’s iDICE program, the International Finance Corporation, Standard Bank, British International Investment, Proparco through the EU-backed Choose Africa program, MSMEDA and AfricaGrow. Participation from European family offices and a coalition of global investors were reported.
Fund II will widen activity beyond early rounds to drive Series A financings, deepen presence in Francophone markets, extend into North Africa and strengthen operations in Nigeria. Priority sectors are companies that address non-consumption and infrastructure shortfalls, such as fintech, healthtech, agritech, edtech and artificial intelligence. The manager highlighted a track record of more than 90 portfolio companies and a history of graduating firms to later stages.
