Ventures Platform, a leading Nigerian-based seed-stage venture capital firm, has achieved a significant milestone with the first close of its second fund at $64 million, targeting a final close of $75 million.
This fundraise, backed by the Nigerian government through the iDICE (Investment in Digital and Creative Enterprises) program, marks a historic moment as it represents the country’s first direct investment in a startup-focused venture capital fund.
Nigeria’s Bold Step into Tech Investment
The involvement of the Nigerian government via iDICE signals a growing recognition of the tech sector’s potential to drive economic growth and innovation across Africa.
Since its founding in 2016, Ventures Platform has been a cornerstone of Africa’s early-stage startup ecosystem, backing over 90 startups including notable names like Moniepoint, PiggyVest, and Remedial Health.
Historically, Nigeria has lagged in public-sector support for tech compared to countries like Kenya and South Africa, but this investment could set a precedent for increased government participation in fostering entrepreneurship.
Global Backing and Broader Impact
Beyond Nigeria’s contribution, the fund has attracted prominent international investors such as the International Finance Corporation (IFC), British International Investment (BII), and individual backers like Michael Seibel of Y Combinator fame.
The $64 million fund is poised to deepen seed-stage investments across Africa, addressing the critical funding gap that many early-stage startups face in scaling their operations.
With Africa’s startup ecosystem raising over $1 billion annually in recent years, Ventures Platform’s latest fund could amplify the continent’s position as a global hub for tech innovation.
Future Prospects for African Startups
Looking ahead, this fund is expected to empower the next wave of African entrepreneurs, particularly in high-growth sectors like fintech, health tech, and agritech, which have shown immense potential.
The Nigerian government’s involvement may also inspire other African nations to adopt similar public-private partnership models, potentially transforming the region’s startup landscape.
For Ventures Platform, reaching the $75 million target could further solidify its role as one of Africa’s most active and impactful early-stage investors.
As the tech ecosystem evolves, this development is a promising sign of increased collaboration between governments, investors, and innovators to build a sustainable future for African technology.
Andrew Lee
