Ventures Platform closes $46 million international fund

Ventures Platform, a pan-African venture capital firm, has announced the $46 million final closing of its early-stage and global fund.

The oversubscribed fund included one of the continent’s most active investors, as well as some international investors, made up of top-tier commercial banks, corporates, DFIs, global institutional investors, and HNIs, and it exceeded its initial objective of $40 million.

The new fund will allow follow-on investments for portfolio firms up to Series A and will allow Ventures Platform to increase its commitment to supporting a group of category-leading businesses throughout the continent.

The VC has also created an innovative “platform and networks” strategy that will offer scaleable, top-notch post-investment support and value creation to its portfolio firms in an effort to better support the businesses it invests in.

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

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Kola Aina, the founder, and general partner of Ventures Platform thanked the investors for adding more value to the VC and 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 centered 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:

“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.”