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Ventures Platform closes $46 million international fund

Pan-African VC, Ventures Platform, has announced the final closure of its early-stage and intercontinental fund at $46 million.

Surpassing its initial $40 million target, the oversubscribed fund saw participation from one of the continent’s most prolific investors, as well as some global investors comprised of top-tier commercial banks, corporates, DFIs, global institutional investors, and HNIs.

The new fund will see Ventures Platform double down on backing a cohort of category-leading companies across the continent and will also allow for follow-on investments for portfolio companies, up to Series A.

In a bid to better support the companies it invests in, the VC has also established an innovative “platform and networks” practice that will provide scalable and world-class post-investment support and value creation to its portfolio companies.

The investors: According to a statement seen by Nairametrics, investors in the fund include Standard Bank, International Finance Corporation [IFC], British International Investment, A to Z Impact, Proparco with FISEA, AfricaGrow a Fund of Funds backed by BMZ [German Ministry for Economic Cooperation and Development, DEG and Allianz, managed by Allianz Global Investors], and others.

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Value addition: Expressing his appreciation to the investors for bringing more value to the VC, Founder and General Partner at Ventures Platform, Kola Aina, said:

  • “We are honoured to have the breadth of both local and global investors who have bought into our vision and who equally are bringing immense value to our portfolio. This is a crowning close to an eventful year in which we made substantial advancements both in the tactical and the proprietary interventions that catalyze our portfolio companies.
  • “We recognize the tougher macroeconomic climate at present, and whilst we remain cautious in terms of market dynamics and remain grounded in our long-standing belief in proper due diligence and corporate governance, we are also acutely aware that with our investment thesis, which is centred on market-creating innovations that thrive when value-chains and markets are restructured, there continue to be incredible opportunities across the market.”
  • “As it’s been said, a true test is not how one handles moments of comfort and convenience but rather moments of adversity, and so we are glad to be partnering with often highly experienced, mission-driven founders who are positively impacting the livelihoods of their local communities even in these trying times,” he added.

Also commenting, IFC’s Global Director of Disruptive Technologies and Funds, William Sonneborn, said:

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  • “IFC is the largest global development institution focused on boosting private sector investments in emerging markets. Championing tech innovation, digital talent, and connectivity is key to succeeding in our mission. We are also one of the largest tech investors in Africa. Like Ventures Platform, we believe that the power of technology, combined with the scale and reach of entrepreneurship, can help solve some of the most pressing challenges of our time. We are delighted to partner with Ventures Platform to help to emerge, talented entrepreneurs scale their innovations across the continent and beyond.”

What you should know: Since the fund’s first close late last year, the early-stage “discovery” venture capital fund has deployed new capital and follow-on capital into companies across various verticals and regions on the continent, such as Remedial Health, Moni Notto, and Charge. To further consolidate its pan-African reach, Ventures Platform is actively seeking opportunities in regions such as Kenya, Egypt, and French-speaking West Africa.

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