Ventures Platform, a leading pan-African 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.
The firm said this target was achieved just three years after the close of Fund I and against a more cautious global venture capital backdrop, adding that the oversubscribed Fund II reflects growing global institutional confidence in Africa’s innovation economy and in Ventures Platform’s approach to 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), Norfund (Norway’s development finance institution), Alphatron, and the Ashesi University Foundation — investors the firm described as reflecting the fund’s appeal to institutions committed to developing Africa’s innovation ecosystem. A consortium of new family offices also joined the close.
These new investors join existing LPs from the first close, including Nigeria’s Investment in Digital and Creative Enterprises (iDICE) programme, the International Finance Corporation (IFC, a member of the World Bank Group), Standard Bank of South Africa, British International Investment (BII), Proparco (through the EU-backed Choose Africa VC programme), the Micro, Small & Medium Enterprises Development Agency (MSMEDA), AfricaGrow, and Alder Tree Investment.
With the fund now closed, Ventures Platform said it will focus on leading and backing pre-seed to Series A investments, with the capacity to support portfolio companies through subsequent rounds. The firm said its focus remains on entrepreneurs using technology to drive economic prosperity, inclusion, and access across key sectors.
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 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.”
Similarly, Dirk Werner, managing director of equity at 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 at Alphatron, said: “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 build enduring businesses, unlock new opportunities, and create lasting positive impact across the continent.”
Ventures Platform, which has operated for over a decade and backed companies including Able, OmniRetail, PiggyVest, Raenest, Seamless Technologies (formerly SeamlessHR), and Moniepoint, said the raise reflects the growing depth of Africa’s venture ecosystem and reinforces its approach of backing founders from the earliest stages of company building — pairing capital with strategic guidance, networks, and ecosystem support.
