Pan-African venture capital firm Ventures Platform has closed its second fund at $84 million, nearly doubling the $46 million raised for its first institutional fund as it deepens its focus across Africa.
Roughly 70% of investors from its first fund returned, including the International Finance Corporation, British International Investment, and Proparco.
The new fund will target early-stage startups across key markets such as Nigeria, Kenya, Egypt and South Africa, with investments spanning fintech, healthcare, SaaS and other technology-enabled businesses.
Ventures Platform has already deployed capital to five companies from the fund and plans to make initial checks of up to $3 million per startup. The firm is also expanding its mandate beyond seed-stage investing to participate in Series A rounds.
The larger fund comes as African startups face a more selective fundraising environment, giving founders access to deeper pools of capital as they build and scale businesses across fragmented markets.
