Ventures Platform Raises $64M, Nears $75M Fund II Close

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Published by Stephen Oluwadara at November 6, 2025

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Kola Aina Dotun Olowoporoku General Partners Ventures Platform

Lagos-based Ventures Platform, a prominent force in Africa’s early-stage startup ecosystem, has secured $64 million to date for its second fund, with a final close of $75 million in sight.

In a milestone moment for the ecosystem, the Nigerian government has invested through its Investment in Digital and Creative Enterprises (iDICE) program — marking the first time the country has backed a venture capital fund. The commitment reflects growing public-sector support for Nigeria’s fast-emerging tech economy, which has produced more unicorns than any other African market.

Other limited partners in the fund include IFC, British International Investment (BII), Proparco, Standard Bank, MSMEDA, and AfricaGrow, as well as the European family office Alder Tree Investment and prominent global backers such as former Y Combinator CEO Michael Seibel. Aina noted that 70% of investors from Ventures Platform’s previous fund returned, underscoring sustained confidence in the firm’s ability to power Africa’s next wave of tech innovation.

The fund will deepen Ventures Platform’s seed-stage activity, catalyze Series A rounds, and strengthen its pan-African network — fueling what the firm describes as Africa’s next wave of technology innovation.

Ventures Platform is Investing in Africa with More Conviction

Founding and General partner, Kola 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, raising $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.”

With the second fund, the firm will also pursue Series A investing, while “investing with more conviction” and seeking larger ownership stakes, Aina said. This should be good news for the region’s founders, as Series A funding has become harder to obtain after years of pullback from Silicon Valley firms.

Venture Platform plans to deepen its presence in Nigeria. It has also begun establishing a presence in Francophone West Africa and North Africa, regions where it has already made a few investments, to gain earlier access to promising deals.

So far, the pan-African venture capital firm has funded over 90 startups across the continent. Most of these investments, the firm says, are “painkiller” businesses across fintech, healthtech, agritech, edtech, and AI. These companies solve for non-consumption, or in simpler terms, serve markets where people have little to no access to a service.

Aina highlights portfolio companies Visa-backed unicorn Moniepoint and Stripe-owned Paystack, two fintechs that unlocked new markets for online payments and small business banking.

“Many small businesses couldn’t sell beyond their immediate vicinity before Paystack because they couldn’t accept online payments,” he said. “Moniepoint, on the other hand, has driven financial inclusion to the nooks and crannies of this country. That’s market-creating innovation.”

Other notable startups in the venture firm’s portfolio include Left Lane-backed remittance app LemFi, Gates Foundation-backed SeamlessHR, Norfund-backed OmniRetail, QED-backed fintech Raenest, and healthtech firm Remedial Health.

Nigerian Government’s Shift in Thinking

The Nigerian government is one of several limited partners committed to supporting the Ventures Platform. They will invest in seed to Series A startups across Africa. The investment was made through the Investment in Digital and Creative Enterprises programme. It came after a rigorous process that lasted more than two years, according to Founding Partner Kola Aina.

Nigeria’s public funding rarely takes risks, though the Startup Act allows for a government-backed seed fund of up to ₦10 billion ($6.95 million). This participation in Ventures Platform signals a shift in thinking and a potential new model for public-private collaboration.

The federal government is also taking cues from Lagos, which has invested in local startups and plans to allocate part of its capital spending to innovation. Globally, government-backed capital has driven startup growth. Silicon Valley benefited from US government support, and Chile’s CORFO program has seeded its ecosystem. Nigeria’s move may spark similar growth.

In addition to the Nigerian government, Ventures Platform welcomed several new and existing limited partners, including the International Finance Corporation, Standard Bank, British International Investment, and Proparco through its EU-backed Choose Africa VC program.

Others include AfricaGrow and Egypt’s Micro, Small and Medium Enterprises Development Agency. European family offices such as Alder Tree Investment also joined the limited partner base, alongside Michael Seibel, former Y Combinator CEO.

Olasupo Olusi, CEO of the Bank of Industry said the investment will deepen the federal government’s goal of scaling the country’s technology and creative sectors by catalysing high-growth, tech-enabled enterprises.

“Bank of Industry is proud to be associated with Ventures Platform – the programme’s technology fund manager on this milestone achievement,” Olusi said.

Main Image: Kola Aina Dotun Olowoporoku General Partners Ventures Platform. Image Credit: Techpoint Africa