Lagos-based Ventures Platform, a prominent early-stage investor in Africa, has successfully raised $64 million for its second fund, with plans to reach a final close of $75 million. The Nigerian government, through its Investment in Digital and Creative Enterprises program, has backed this venture, marking its first investment in a venture capital fund. This move is significant as Nigeria’s startup ecosystem hosts the highest number of unicorns in Africa.
Notable investors in Ventures Platform’s second fund include IFC, British International Investment, Proparco, Standard Bank, and others. The firm’s focus on identifying promising startups early has garnered attention and trust from investors, with 70% of previous fund investors returning for this round.
While initially concentrating on pre-seed and seed rounds with its first fund, Ventures Platform’s expansion into Series A investments signals a strategic shift towards supporting startups at later stages. This shift is crucial given the tightening of Series A funding, especially with reduced investments from Silicon Valley.
Looking beyond Nigeria, Ventures Platform aims to strengthen its presence in Francophone West Africa and North Africa, seeking to engage with emerging opportunities in these regions. By broadening its reach, the firm anticipates better access to potential high-growth startups.
Source: TechCrunch