Entrepreneurship

Ventures Platform closes pan-African fund above-target at $46m

Lagos-based, pan-African VC firm Ventures Platform has announced the final close of its early-stage and intercontinental fund, at US$46 million.

Ventures Platform Fund is a discovery fund that invests early in mission-driven founders building capital-efficient platforms that democratise prosperity, plug infrastructural gaps, connect underrepresented communities, and improve livelihoods in Africa. The firm provides smart capital and growth support for Africa’s boldest entrepreneurs, investing in pre-seed to Series A startups across several sectors.

Surpassing its initial US$40 million target, the oversubscribed fund from one of the continent’s most prolific investors sees new participation from global investors with an array of top-tier commercial banks, corporates, DFIs, global institutional investors and HNIs, including Standard BankInternational Finance Corporation (IFC)British International InvestmentA to Z ImpactProparco with FISEA, and AfricaGrow.

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The new fund will see Ventures Platform double down on backing a cohort of category-leading companies across the continent and will also allow for follow-on investments for portfolio companies, up to Series A. 

In a bid to better support the companies it invests in, Ventures Platform has also established an innovative “platform and networks” practice that will provide scalable and world-class post-investment support and value creation to its portfolio companies. 

Since the first close of the fund late last year, the early-stage “discovery” venture capital fund has deployed new capital and follow-on capital into companies across various verticals and regions on the continent, such as Remedial HealthMoni Notto, and Chargel. To further consolidate its pan-African reach, Ventures Platform is actively seeking opportunities in regions such as Kenya, Egypt, and French-speaking West Africa.

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In addition to the close of the fund, Ventures Platform has made a series of strategic team additions at partnership and senior management level. The VC firm has added entrepreneur, investor, and former principal at pan-African VC firm Novastar Ventures, Dr Dotun Olowoporoku, as managing partner. 

“We are honoured to have the breadth of both local and global investors who have bought into our vision and who equally are bringing immense value to our portfolio. This is a crowning close to an eventful year in which we made substantial advancements both in the tactical and the proprietary interventions that catalyse our portfolio companies,” said Kola Aina, founder and general partner at Ventures Platform. 

“Dotun’s hands-on pan-African experience, from working with both startups and institutional investors, brings an invaluable perspective that will help with our continued growth. We look forward to helping our portfolio companies maximise their full potential whilst also consolidating our position as a key and dependable business partner for investors in Africa.”

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