Ventures Platform Closes $84 Million Fund II for African Startups
Quick Reads
- Ventures Platform (Nigeria) closed its second fund at $84 million in August 2026.
- Founder Kola Aina says the firm will now write bigger checks up to $3 million per startup.
- The fund has expanded beyond Nigeria into Kenya, South Africa, and Egypt
Ventures Platform, a Nigeria-based venture capital firm, has closed its second fund at $84 million. The fund closed in August 2026, beating its original $75 million target after 18 months of fundraising.
The firm’s founding partner, Kola Aina, says the new fund will help Ventures Platform write bigger checks for African startups. VP Pan-African Fund II is 1.8 times larger than its first fund, which raised $46 million in 2022.
Bigger Checks, Wider Reach
Ventures Platform will now invest up to $3 million per startup, aiming for larger ownership stakes of 10 to 12 percent in each company. The firm has already backed five startups in Kenya, South Africa, and Egypt, expanding beyond its Nigerian roots.
New investors joining the fund include the European Bank for Reconstruction and Development, Norway’s Norfund, and the Ashesi University Foundation. They join earlier backers like the International Finance Corporation and Standard Bank.
Aina says the firm is focused on fintech, healthcare, and SaaS startups solving real problems for African users. Artificial intelligence is also central to its strategy. He told TechCrunch that AI is helping cut costs and ease labour shortages across African markets.
The raise reflects a tougher funding climate. African startups have raised about $930 million this year, down from $1.16 billion last year, as investors demand stronger proof of returns before committing fresh capital to the region.
