Final close exceeds $75 million target, with new institutional backing
from EBRD, Alphatron, and Norfund amidst a challenging global
environment for African Venture Capital.
Lagos, Nigeria. August 2026 – Ventures Platform [6], Africa’s
leading seed-stage fund, has announced the final close of its second
institutional fund – VP Pan-African Fund II (VP PAF II)– at $84
million, exceeding its original target of $75 million.
Achieved just three years after the close of Fund I and against a
markedly more cautious global venture backdrop, the oversubscribed Fund
II reflects growing global institutional confidence in Africa’s
innovation economy, and confidence in Ventures Platform’s approach to
identifying and backing exceptional founders from the earliest stages of
company building.
The final close brings new institutional investors into the fund’s LP
base, including the European Bank for Reconstruction and Development
(EBRD) [7], Norfund (Norway’s Development Finance Institution) [8],
Alphatron [9], and Ashesi University Foundation – a strong, reflection
of the fund’s appeal to institutions committed to developing Africa’s
innovation ecosystem [10], The close also welcomed a consortium of new
family offices.
new investors join a group of existing LPs from the first close,
including Nigeria Investment in Digital and Creative Enterprises [11]
(iDICE) program, the International Finance Corporation [12] (IFC), a
member of the World Bank Group, Standard Bank (South Africa) [13],
British International Investment [14] (BII), Proparco [15] (through the
EU-backed Choose Africa VC programme), Micro, Small & Medium Enterprises
Development Agency [16] (MSMEDA), AfricaGrow [17], and Alder Tree
Investment [18].
With the now-closed fund, Ventures Platform will double down on leading
and catalysing pre-seed to series A investments with capacity to support
exceptional portfolio companies through subsequent rounds, backing
category-defining founders building solutions to some of Africa’s most
pressing challenges and transformative opportunities. As the firm moves
into this next phase of deployment, its focus remains on supporting
mission-driven entrepreneurs who are using technology to drive economic
prosperity, inclusion, and access across key sectors.
Speaking on the final close, Kola Aina, Founding and Managing Partner at
Ventures Platform, said: “This fund is ultimately not about the
capital we’ve raised, but about the entrepreneurs we’re privileged
to be able to back. Across Africa, we’re seeing a new generation of
founders building enduring companies with greater technical depth,
stronger governance, bigger ambition and a clear understanding of the
markets they serve. These businesses are being built for resilience as
much as growth, and we believe that positions them to create lasting
value. We’re deeply grateful for the confidence of our investors and
excited to partner with ambitious founders solving meaningful problems
across the continent”
Globally, growing recognition that some of the most compelling
innovation opportunities will emerge from undercapitalised yet highly
resilient markets continues to generate meaningful interest in
Africa’s technology ecosystem. The fund positions Ventures Platform at
the centre of enabling that opportunity.
Dirk Werner, Managing Director of Equity, EBRD, said: “Innovation is
increasingly shaping Africa’s economic future, yet venture capital
remains underdeveloped relative to the scale of entrepreneurial activity
across the continent. By investing in Ventures Platform Pan-African Fund
II, we are helping to strengthen the market infrastructure that enables
innovative businesses to access growth capital and scale their
impact.”
Jerry Jansen, Investment Manager, Alphatron, added: “We are excited to
be part of the Ventures Platform journey and to support its continued
commitment to backing Africa’s most ambitious founders. We see
tremendous potential in Africa’s technology ecosystem and look forward
to working alongside the firm to help build enduring businesses, unlock
new opportunities, and create lasting positive impact across the
continent.”
With over a decade of operation, Ventures Platform has consistently
backed category-leading companies, including _able, OmniRetail,
PiggyVest, Raenest, Seamless Technologies (formerly SeamlessHR) and
Moniepoint. The raise reflects the increasing depth of the African
venture ecosystem and reinforces Venture Platform’s long-standing
thesis of investing in market-creating innovations, and backing founders
with capital alongside strategic guidance, networks and ecosystem
development, from the early stages of company building.
