Nigeria-based venture capital firm Ventures Platform has closed its second institutional fund at $84 million, giving it a larger pool of capital to invest in technology startups across Africa.
The Ventures Platform Pan-African Fund II exceeded its original $75 million target by $9 million and is 1.8 times the size of the firm’s first institutional fund, which closed at $46 million in December 2022.
The new fund will invest in startups from pre-seed through Series A, with Ventures Platform also reserving capital to support selected portfolio companies in subsequent funding rounds.
The firm said its investment strategy will cover sectors including fintech, healthcare, software, commerce, agritech, edtech and artificial intelligence, with a focus on businesses using technology to address major gaps in services and infrastructure.
Ventures Platform has already begun deploying the new fund, with five investments made in companies based in Kenya, South Africa and Egypt. The firm plans to invest as much as $3 million in individual companies and expects to deploy the fund over the next three to four years.
The second fund also represents a broader geographic strategy for Ventures Platform, which has historically had a strong focus on Nigerian startups. The firm is now targeting opportunities across several African markets while continuing to invest in Nigeria.
At the final close, the fund brought in new institutional investors including the European Bank for Reconstruction and Development (EBRD), Norfund, Alphatron and Ashesi University Foundation, alongside a consortium of family offices.
These investors joined existing backers that participated in the fund’s earlier close, including the International Finance Corporation, British International Investment, Standard Bank, Proparco through the EU-backed Choose Africa programme, Nigeria’s Investment in Digital and Creative Enterprises programme, the Micro, Small and Medium Enterprises Development Agency, AfricaGrow and Alder Tree Investment.
The EBRD has committed up to $8 million to the fund, while Norfund has committed $6 million.
Ventures Platform is also changing the size of its investments under the new fund.
The firm plans to target initial ownership stakes of between 10% and 12% in companies it backs, while keeping additional capital available for startups that perform strongly.
The larger fund comes after a difficult period for African venture capital, following the sharp decline in startup funding after the 2021 and 2022 investment boom.
African startups raised $3.42 billion in 2025, according to data cited by Tech In Africa, after funding fell to $2.92 billion in 2023 and $2.24 billion in 2024. Startups raised about $1.44 billion in the first half of 2026.
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The fundraising environment has also become more selective, with investors placing greater emphasis on business fundamentals, capital efficiency and the potential for companies to generate sustainable returns.
Ventures Platform, founded in 2016 by Kola Aina, has invested in more than 90 startups, including Moniepoint, Paystack, PiggyVest, OmniRetail, Raenest and Seamless Technologies.
With its second fund, the firm plans to maintain its focus on early-stage investing while putting larger amounts of capital into a smaller group of companies and expanding its reach beyond Nigeria.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
