Ventures Platform, based in Nigeria, is launching its second fund to support early-stage founders across Africa. The firm focuses on fintech, healthcare, and SaaS, with a particular interest in AI that can fundamentally change the cost structure and business models of serving African markets.
The new fund expands the firm's geographic reach beyond Nigeria, with initial investments already made in five companies from Kenya, South Africa, and Egypt. Check sizes will reach up to $3 million, and the firm plans to deploy the capital over the next three to four years.
The fundraising process took approximately one and a half years, reflecting a more selective investment environment. According to founding partner Kola Aina, limited partners are now demanding more evidence of performance, liquidity, and capital efficiency than they did during the first fund's raise in 2022.
The fund's investor base remains strong, with 70% of Fund I's LPs returning for the second fund. Key backers include the European Bank for Reconstruction and Development, Norfund, and the Ashesi University Foundation of Ghana.
The broader African startup ecosystem is seeing a shift in funding. This year, startups on the continent have raised approximately $930 million across more than 200 deals, compared to $1.16 billion across 447 deals last year.
