Ventures Platform, Africa’s seed-stage fund, has introduced the primary shut of its second fund, VP Pan-African Fund II, with commitments totaling $64 million.
The fund, which targets a ultimate shut of $75 million, is aimed toward increasing the agency’s early-stage investments and deepening its footprint throughout Africa’s know-how ecosystem.
In accordance with the agency, about 70% of the traders on this spherical participated in its earlier institutional fund.
The brand new spherical noticed contributions from each present and new backers, together with the Nigeria Funding in Digital and Inventive Enterprises (iDICE) program, the Worldwide Finance Company (IFC), Customary {Bank} of South Africa, British Worldwide Funding (BII), Proparco, Micro, Small & Medium Enterprises Growth Company (MSMEDA), and AfricaGrow.
The participation of iDICE marks its first funding in a enterprise capital automobile. The initiative, carried out by Nigeria’s Bank of Industry, was designed to spice up the nation’s digital and inventive industries.
Different traders within the fund embrace European household places of work resembling Alder Tree Funding and particular person traders together with Michael Seibel.
Since launching in 2016, Ventures Platform has invested in over 90 startups, together with firms resembling Moniepoint, Piggyvest, OmniRetail, Remedial Well being, and Thrive Agric.
A number of of its portfolio firms have superior to later funding levels, with Moniepoint lately attaining unicorn standing.
Talking on the fund shut, Founding Associate at Ventures Platform, Kola Aina, stated the agency’s focus stays on supporting entrepreneurs addressing gaps in vital sectors and driving sustainable innovation throughout Africa.
“The backing we’ve obtained from a various group of blue-chip companions is a robust endorsement of Africa’s place because the purest, most uneven supply for non-consensus alpha and transformative affect,” he stated.
In 2022, Enterprise platform introduced the closure of its early-stage and intercontinental fund at $46 million.
Surpassing its preliminary $40 million goal, the oversubscribed fund noticed participation from one of many continent’s most prolific traders, in addition to some world traders comprised of top-tier business banks, corporates, DFIs, world institutional traders, and HNIs.
On the time, Ventures Platform stated it will use the fund to double down on backing a cohort of category-leading firms throughout the continent and would additionally enable for follow-on investments for portfolio firms, as much as Collection A.
