Ventures Platform, backers of Moniepoint, Piggyvest have announced a $64m first close, with the Nigerian government’s Digital and Creative Enterprises (iDICE) programme as one of the investors.
The deal came after a rigorous process that lasted more than two years, according to Founding Partner Kola Aina.
In addition, Ventures Platform welcomed several new and existing LPs, including the International Finance Corporation (IFC), Standard Bank, British International Investment (BII), and Proparco (through its EU-backed Choose Africa VC program). Others include AfricaGrow and Egypt’s Micro, Small & Medium Enterprises Development Agency (MSMEDA).
European family offices such as Alder Tree Investment also joined the LP base, alongside Michael Seibel, former Y Combinator partner.
Aina says Ventures Platform hopes to hit the final close of the VP Pan-African Fund II by Q1 2026. This first close has already seen it raise $64 million, making it one of the few African VC firms to close a fund this year. In March, LoftyInc Capital announced the first close of its third fund at $43 million.
“This new fund is going to see us maintaining our thesis of investing in market-creating innovations,” Aina told Techpoint Africa. “We’re looking to invest with a lot more conviction, partnering early with meaningful stakes in the companies we back all the way to Series A.”
The firm plans to expand its investments across Africa, particularly in Francophone and Northern regions, and will hire new employees in those markets to gain early access to quality deal flow and support portfolio companies.
Announced in March 2023, the iDICE programme is a $618 million fund aimed at improving access to capital for the technology and creative sectors, ultimately boosting job creation in those industries.
“It’s great to have iDICE as an LP. It’s a strong signal of local support and the Nigerian government’s commitment to the sector,” Aina said. “We’re proud to be the chosen technology fund manager, and local participation always encourages foreign investors.”
Dr Olasupo Olusi, MD/CEO of the Bank of Industry, added:
“By investing in Ventures Platform’s Fund II, which serves as iDICE’s Technology Equity Fund for Nigerian startups, we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem.”
Having backed a significant number of fintech startups, Ventures Platform will continue to invest in that sector but also explore opportunities in artificial intelligence, stablecoins, and trade formalisation. The firm expects to make 30 to 40 investments from this fund.
Secondaries have become a major exit tool for early-stage investors on the continent, as stakeholders continue to wrestle with the challenge of providing meaningful exit channels for venture-scale investments. Aina acknowledges this shift but stresses that secondaries cannot be the continent’s main exit pathway.
“If only secondaries are happening, then the later-stage guys start feeling constipated,” he said. “Secondaries are an important part of the toolkit, but we also have to measure progress slowly.”
