Ventures Platform Raises $84M for Pan-African Tech Fund

Ventures Platform, an African seed stage venture capital firm, announced the final close of its second institutional fund, Ventures Platform Pan African Fund II, at $84 million, exceeding its initial target of $75 million. This fund closed three years after the firm raised its first institutional fund and amid a cautious global venture capital environment.

The fund's institutional investor base has expanded to include the European Bank for Reconstruction and Development (EBRD), Norfund, Alphatron, and Ashesi University Foundation, joining existing partners like the Nigeria Investment in Digital and Creative Enterprises (iDICE) programme, International Finance Corporation (IFC), and others. Ventures Platform will focus on pre-seed to Series A investments, supporting founders addressing Africa's major economic and social challenges through technology-driven solutions.

Kola Aina, founding and managing partner, emphasized the importance of supporting entrepreneurs over the capital raised. Dirk Werner of EBRD noted that innovation is crucial for Africa's economic future, despite the underdeveloped venture capital landscape relative to entrepreneurial activity.