Ventures Platform Secures First Close of $40m Pan-African Fund

Emma Okonji
Ventures Platform, the early-stage discovery venture capital fund, championing the next generation of African entrepreneurs, has announced the first close of its new $40 million Pan-African, early-stage fund to invest in market-creating innovations.

With the close led by the Nigeria Sovereign Investment Authority (NSIA), the new fund features participation from existing investors and some new leading names across Africa’s corporate and tech ecosystems, including UAC Nigeria, VFD Group, Gbenga Oyebode, Shola Akinlade (Paystack), and global investors like; Michael Seibel (Y Combinator) and Adam Draper, a second close of the fund is due to take place in early 2022 and will feature investment from select global Institutional Investors and Development Financial Institutions (DFI’s).

Building upon its stellar reputation as one of the most active early-stage investors in African tech, Ventures Platform will significantly deepen its long-standing presence in Nigeria and West Africa while also investing in select opportunities in East, North and Francophone Africa – that have the potential to expand into West Africa’s key markets. The fund’s latest capital injection also firmly positions it to double down on existing investments in its category-leading portfolio via subsequent rounds.

Since its launch in 2016, Ventures Platform has acted as a key partner and conduit for international funds and stakeholders seeking a reliable and experienced partner to do business in Africa. With on the ground presence on the continent and its experience with corporate partnerships, talent, growth, regulation and operations, the new fund introduces the benefit of strong local participation and strengthens Ventures Platform’s ability to institutionalise its track record of collaborating with investors from North America, Europe and Asia, who need a reliable partner to work alongside when investing in the African technology space.

As part of a move to further deepen its expertise, Ventures Platform has also onboarded leading figures across African tech as Venture Partners, including; Seni Sulyman (ex-VP at Andela, ex-COO at Bellhop, Founder at Black Ops.)

Founder and General Partner at Ventures Platform, Kola Aina, said: “Over the last six years, we’ve backed close to 70 of Africa’s most compelling tech companies, building a robust portfolio which has featured one of the largest exits our sector witnessed to date through Paystack last year. As the incredible momentum in African tech continues to build, it’s attracting unprecedented attention globally amongst traditional and institutional investors, and we’re delighted to welcome aboard some world-class, strategic stakeholders to our fund.”

“As operators ourselves, we know what it takes to build a successful business on the continent, and we have spent years partnering with visionary founders effectively tackling some of Africa’s hardest problems – now is the time to go even further. We are fully maximising our deep expertise navigating the nuances of the African market, and as we move ahead,” Aina said.