Ventures Platform has closed an $83 million second fund, oversubscribed and nearly double the size of its 2022 debut. The firm, based in Nigeria, will back early-stage startups across fintech, healthcare, SaaS, and other sectors where technology addresses critical needs in African markets.
AI is central to the investment thesis, with the firm seeking startups where AI transforms cost structures, business models, or market access—not just as a feature. Ventures Platform is expanding beyond Nigeria, having already deployed Fund II capital to five companies in Kenya, South Africa, and Egypt, with check sizes up to $3 million. The firm plans to deploy the fund over the next three to four years, targeting markets where technology can bridge infrastructure gaps or create new consumption categories.
Fundraising took 18 months amid a more selective venture environment. Limited Partners now demand stronger evidence of portfolio performance, capital efficiency, and governance, reflecting lessons from the recent venture downturn. Existing investors, including the European Bank for Reconstruction and Development and Norfund, returned for Fund II, with 70% of Fund I’s backers participating. The firm positions its local market expertise and global networks as key differentiators in an increasingly competitive landscape.
The broader African startup ecosystem has cooled: 2024 funding totals $930 million across 200 deals, down from $1.16 billion across 447 deals in 2023.
