Ventures Platform Closes $84M Pan-African Fund II

In Short

• Ventures Platform closed Fund II at $84 million, above its $75 million target.
• New backers include the European Bank for Reconstruction and Development, Norfund, Alphatron, and the Ashesi University Foundation.
• The Lagos-based firm says it will lead pre-seed to Series A rounds and keep reserves for follow-on checks.

What Happened

Ventures Platform has closed its second Pan-African fund at $84 million. The Lagos-based seed investor said the fund was oversubscribed, meaning it raised more money than it planned to take.

The new limited partners, or LPs (the investors in the fund), include the European Bank for Reconstruction and Development, Norway’s development finance institution Norfund, Alphatron, and the Ashesi University Foundation. A group of unnamed family offices also joined at the final close.

Returning LPs include Nigeria’s iDICE programme, the International Finance Corporation, Standard Bank, British International Investment, Proparco, and Egypt’s MSMEDA, among others. This mix points to a familiar pattern in African venture capital, where development finance institutions, or DFIs (state-backed lenders and investors), provide a large share of funding.

Ventures Platform said the fund will lead and catalyse pre-seed to Series A rounds. Pre-seed is the earliest startup funding stage, and Series A is a larger round that often backs early revenue growth. The firm also plans to reserve capital for follow-on investments in stronger-performing portfolio companies.

Past investments tied to the firm include _able, OmniRetail, PiggyVest, Raenest, SeamlessHR, and Moniepoint.

Why It Matters

Fundraising for Africa-focused venture funds has been harder since the global pullback that started in 2022. Many managers have struggled to hit targets, and some closes have come in smaller than expected.

Ventures Platform’s oversubscribed close suggests some institutional capital is still willing to back early-stage Africa strategies. But key details remain unclear, including how much of the $84 million has been deployed, and how many startups the fund expects to back.

The LP mix also matters. Heavy reliance on DFIs can steady fundraising during downturns, but it can also expose the ecosystem to shifts in public policy priorities outside the continent.