Ventures Platform Raises $84M Fund II to Expand Early-Stage Investing Across Africa

Nigeria-based venture capital firm Ventures Platform has closed an $84 million second fund aimed at backing early-stage technology companies across Africa, expanding its geographic remit beyond its Nigeria core. The oversubscribed Fund II nearly doubles the size of the firm’s first institutional vehicle, which closed at $46 million in 2022, and will deploy capital across sectors such as fintech, healthcare, software and AI-enabled services, with individual checks of up to $3 million and a target deployment period of roughly three to four years.

"Early-stage risk capital [is] an important tool for supporting entrepreneurship, job creation and broader access to services," said Norfund as it announced a $6 million commitment to Ventures Platform’s Fund II.

Fund composition and initial activity

About 70% of investors from Fund I have returned for Fund II, signaling continued institutional support for the manager’s approach. Key backers named for the new vehicle include the European Bank for Reconstruction and Development (EBRD), Norfund and the Ashesi University Foundation. The EBRD has confirmed an investment of up to $8 million in Ventures Platform Pan-African Fund II, while Norfund has publicly committed $6 million.

Ventures Platform has already started deploying capital from Fund II, announcing investments in five startups based in Kenya, South Africa and Egypt. The firm said it will pursue early-stage opportunities across a broader set of African markets, with explicit mention of Nigeria, Egypt, Morocco, Senegal and Côte d’Ivoire among target countries.

Strategy and sector focus

Where Fund I concentrated heavily on pre-seed and seed-stage companies — particularly in Nigeria — Fund II adopts a wider Pan‑African mandate while maintaining an early-stage emphasis. The firm plans to back technology-enabled businesses addressing large economic and infrastructure needs, including fintech, healthcare and enterprise software. Artificial intelligence is highlighted as a strategic focus area where technology can materially lower delivery costs or enable new business models tailored to African markets.

• Fund size: $84 million (Fund II)
• Prior fund: $46 million (Fund I, 2022)
• Individual investment size: up to $3 million
• Deployment timeline: approximately three to four years
• Confirmed institutional backers: EBRD (up to $8M), Norfund ($6M), Ashesi University Foundation
• Initial investments: five companies in Kenya, South Africa and Egypt

Outlook

The larger fund arrives amid a more selective institutional environment for African venture capital, where investors increasingly evaluate fund performance, capital efficiency, governance and liquidity. Ventures Platform is positioning Fund II around disciplined early-stage investing and claims to leverage local operating knowledge together with international investor relationships to provide differentiated access to founders and markets. By moving from a Nigeria-centered investor to a pan-African platform, the firm aims to back startups that can build sustainable businesses independent of cyclical follow-on funding trends.

If Fund II executes as planned, the vehicle will broaden Ventures Platform’s footprint across North, West and Southern Africa and amplify its ability to support technology-led solutions that address everyday problems across the continent. The commitments from the EBRD and Norfund underline continued development-bank interest in early-stage risk capital as a lever for entrepreneurship and jobs, even as private-market dynamics tighten.