Nigeria-based Ventures Platform has raised $83 million for its second fund to back early-stage startups across Africa. This marks a strategic shift from its earlier Nigeria-only focus to a broader regional mandate, targeting sectors like fintech, healthcare, and software.
Ventures Platform, the Nigeria-based venture capital firm, has successfully closed its second investment fund at $83 million. This new pool of capital is nearly double the size of its first $46 million fund, which was finalized in 2022. The firm is now moving beyond its initial concentration on the Nigerian market to a wider pan-African strategy, actively looking for opportunities in countries such as Kenya, Egypt, and South Africa.
The firm plans to invest in early-stage companies, specifically within the fintech, healthcare, and SaaS (software as a service) sectors. A core part of the fund's strategy is supporting startups that use artificial intelligence not just as a product feature, but to build more efficient, cost-effective business models. By focusing on technology that can help companies overcome local infrastructure or labor challenges, the firm hopes to build businesses that are more resilient to economic shifts.
The fundraising process for this second vehicle took approximately 18 months. This timeline reflects the current, more cautious environment for venture capital, where investors are placing greater importance on disciplined management and long-term business fundamentals rather than the rapid growth strategies often seen in previous years. Despite the tighter fundraising environment, Ventures Platform maintained strong support from its existing base, with 70% of its initial investors—including institutions like the European Bank for Reconstruction and Development and Norfund—backing the new fund.
While the firm expands its reach, moving into new regions introduces operational complexities. Managing investments across multiple countries requires navigating different regulatory systems, currency fluctuations, and varying market dynamics. For investors and stakeholders, the key monitorable will be how effectively the firm manages these cross-border operations while maintaining the operational discipline it emphasizes in its investment thesis. As a private venture capital firm, the fund’s performance will depend on its ability to execute this broader strategy while managing the inherent risks associated with early-stage, illiquid investments in emerging markets.