Lagos-based Ventures Platform has announced a $64m first close of its second fund, VP Pan-African Fund II, as it targets a final close of $75m.

The fund marks a strategic shift for the seed-stage investor. While it will continue its foundational pre-seed and seed investments, the new capital will allow it to lead and catalyse Series A rounds for its portfolio companies, effectively de-risking them for later-stage investors.

The firm’s track record includes some of Africa’s most high-profile startups, including Paystack (acquired by Stripe), the continent’s newest unicorn Moniepoint, and LemFi, which has raised up to Series C.

This success is reflected in the fund’s investor base: 70% of Limited Partners (LPs) from its first institutional fund have returned.

A Mix of DFIs, Local Government and Tech Royalty

​The new fund is anchored by a powerful mix of LPs, blending major development finance institutions (DFIs), new local government capital, and high-profile global tech figures.

The DFI contingent includes British International Investment (BII), the IFC (a member of the World Bank Group), South Africa’s Standard Bank, and Proparco (backed by the EU’s Choose Africa program).

Significantly, the fund also received a “first-of-its-kind” investment from the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, a new government initiative managed by the Bank of Industry.

“By investing in Ventures Platform… we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors,” said Dr Olasupo Olusi, MD/CEO of the Bank of Industry.

The round also attracted prominent global investors, including Y Combinator co-founder Michael Seibel, and European family offices such as Alder Tree Investment.

​Solving for “Non-Consumption”

Founded in 2016 by Kola Aina, Ventures Platform has funded over 90 startups. Its strategy targets what Aina calls “painkiller” solutions that solve for “non-consumption” — building markets by plugging infrastructural gaps rather than just competing in existing ones.

​”The continent’s innovation opportunity is boundless, the needs are immense, but realising its full impact demands smart contextual capital,” said Aina.

With the new fund, the firm plans to double down on its core Nigerian market while accelerating its pan-African expansion, consolidating its work in Francophone Africa and moving into North Africa.

​The fund will prioritise sectors including:

• ​Fintech
• ​Healthtech
• ​Agritech
• ​Edtech
• ​AI-driven solutions

​”We believe Africa’s challenges are its greatest opportunities,” Aina added. “As we expand our footprint, our focus remains clear: to identify and back ventures that are building market-creating innovations that solve for non-consumption.”