- Pan-African early-stage venture capital firm, Ventures Platform, has announced the second close of its $46 million fund.
- The firm announced its first close of $40 million in December 2021, attracting African Limited Partners (LPs). However, its second close has drawn international investors.
- Launched in 2016 by Kola Aina, Ventures Platform has served as a significant partner and conduit for international funds and stakeholders looking for a dependable and experienced partner to do business in Africa.
Pan-African early-stage venture capital firm, Ventures Platform, has closed its fund at $46 million to increase its focus on “category-leading” companies across the continent.
In December 2021, the firm announced the first close of its $40 million fund with Michael Seibel, Adam Draper, Shola Akinlade, and Gbenga Oyebode as individual Limited Partners (LPs).
However, its second close has attracted international LPs, including Standard Bank, A to Z Impact, corporations, commercial banks, global institutional investors, and high-net-worth individuals (HNIs) among its limited partners (LPs).
Other LPs are some of the development finance institutions (DFIs), including the International Finance Corporation (IFC), British International Investment (BII), Proparco with FISEA, and AfricaGrow.
Founded in 2016 by Kola Aina, Ventures Platform invests in startups across Africa up to Series A and has notable startups such as Piggyvest, PayHippo, Mono, SeamlessHR, Tizeti, and Printivo as portfolio companies.
Since its launch, Ventures Platform claims it has made over 60 investments in sectors such as fintech, insurtech, health tech, edtech, agritech, enterprise SaaS, digital infrastructure plays, and digital talent accelerators.
Marketforce, Mono, PiggyVest, Nomba, and Reliance HMO are among the notable names in its portfolio.
The majority of these investments occurred during the pre-seed and seed stages.
The firm has stepped up its game and is now issuing Series A checks to its portfolio companies, some of which can directly access follow-on capital (Series B and above) from the firm’s limited partners.
Aina stated that the early-stage firm plans to lead pre-seed and seed rounds, investing an average of $250,000 and participating in and writing follow-up checks of more than $1 million at Series A rounds.
Recall that in November 2022, Damilola Teidi joined Ventures Platform Fund as Head of Platform and Networks.