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January 24, 2022
Ventures platform bag 'first close' of $40m pan – African fund

Venture platform bags ‘first close’ of $40m pan – African fund

Venture platform, the early stage ‘discovery’ venture fund which spearheads the next generation of African entrepreneurs has disclosed the first close of its current $40m early-stage funds to invest in market establishment and innovation

This disclosure was led by Nigeria Sovereign Investment Authority (NSIA) and as well featured participants from existing investors and some new leading ones across Africa’s corporate and tech ecosystems such as; VFD group, UAC Nigeria, Gbenga Oyebode, etc and international investors like; Michael Seibel (Y Combinator) and Adam Draper.

A second close of the fund is ready to take place early next year and will host investment from select international institutional investors and DFI’s.

Maintaining its degree as one of the most active early-stage investors in Africa tech, ventures platform will notably  deepen its long-standing presence in Nigeria and West Africa while also investing in some  east and northern Africa that has the needed variable to expand into West Africa’s key markets

Venture platform current capital injection also affirm its position and target which is to twofold  down on existing investment in its group through subsequent rounds

Launched in 2016, the ventures platform has served as an important partner for international funds and stakeholders looking for a trusted, reliable and experienced partner to carry out business activities within Africa.

With on the ground existence, Africa and its experience with corporate partnerships, talent, regulations and operations, this new fund shows the benefit of strong local participation and forthwith strengthens ventures platforms’ ability to institutionalize its track record of networking and collaborating with investors from North America, Europe and even Asia who need a trusted partner to work with when investing in African technology angle

As one of the strategies to develop and enhance its expertise, ventures platform has onboarded leading African tech figures as venture partners such as; Sei Sulyman (ex  – VP at Andela, Ex – COO at Bellhop Founder at Black Ops)

What was said?

Founder and general partner at ventures platform, Kola Aina says:

“Over the last six years, we’ve backed close to 70 of Africa’s most compelling tech companies, building a robust portfolio which has featured one of the largest exists our sector witnessed to date through Paystack last year. As the incredible momentum in African tech continues to build, it’s attracting unprecedented attention globally amongst traditional and international investors, and we’re delighted to welcome on board some world-class, strategic stakeholders to our fund.”

“As operators ourselves, w know what it takes to build a successful business on the continent and we’ve spent years partnering with visionary founders effectively tackling some Africa’s hardest problems – now is the time to go even further. We’re fully maximizing our deep expertise navigating the nuances of the African market, and as we move ahead, we’re developing a global network of LPs in more established markets like Europe, the USA and Asia, many of whom partner with us due to our track record of backing winners, and they appreciate our on the ground experience and access to opportunities, which is vital for generating returns”

With a ticket size that summed to $1m plus, ventures platform is positioned to fund follow founds of successful startups building market-creating innovation across pre-seed, seed and series a stage in sectors such as Fintech, health tech, digital infrastructure and many more.

Ventures platform accrued a total of 28 investments to date in just 2021 and the platform’s record of 69 startups is one of the most elite in African tech with high profile names like; Seamless HR, Piggy Vest, Paystack etc

Mr Uche Orji who is MD and CEO of Nigeria Sovereign Investment Authority (NSIA) says:

“Participation in this fund hits at the very core of the authority’s objectives; stimulating growth by enabling new and innovative intramural technology to empower the continent. To harness and unleash Nigeria and Africa’s potential; we believe that investment in ventures in the innovation and technology space is essential. In this regard, the authority is proud to play a role in facilitating what it expects will lead to the rise of Africa.”

Up to this moment, ventures platform’s portfolio has incurred over $500 in follow on rounds and as the investor moves to consolidate its leading marketing roles, this marks its first official institutional fund with previous capital resulting from collective and proprietary capital funds

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