Ventures Platform closes $46 million international fund


Pan African VC, entrepreneurship platformhas announced the final close of its early stage and intercontinental fund at $46 million.

Exceeding its initial target of $40 million, the oversubscribed fund featured participation from one of the continent’s most prolific investors, as well as some global investors comprised of top-tier commercial banks, corporations, DFIs, global institutional investors, and HNIs.

The new fund will see the Ventures Platform double its support for a cohort of category-leading companies across the continent and will also enable follow-on investments for portfolio companies, up to Series A.

In an effort to better support the companies it invests in, the VC has also established an innovative “platforms and networks” practice that will provide world-class, scalable post-investment support and value creation for companies in your wallet.

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

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Value added: Expressing appreciation to investors for bringing more value to the VC, Ventures Platform Founder and General Partner Kola Aina said:

  • “We are honored to have the breadth of local and global investors who have embraced our vision and are equally adding immense value to our portfolio. This is the culmination of an eventful year in which we made substantial progress in both tactical and proprietary interventions that catalyze our portfolio companies.
  • “We recognize the more difficult macroeconomic climate today, and while we remain cautious in terms of market dynamics and remain steadfast in our longstanding belief in proper due diligence and corporate governance, we are also acutely aware that with Our investment thesis, which is focused on market-creating innovations that thrive when value chains and markets are restructured, incredible opportunities remain across the market.”
  • “As has been said, a true test is not how one handles moments of comfort and convenience, but rather moments of adversity, which is why we are pleased to partner with often highly experienced and mission-driven founders who have a positive impact on the livelihoods of their local communities even in these difficult times.” added.

Also commenting, IFC’s Global Director of Disruptive Technologies and Funds, William Sonneborn, said:

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  • “IFC is the largest global development institution focused on driving private sector investment in emerging markets. Championing technological innovation, digital talent and connectivity is key to succeeding in our mission. We are also one of the largest technology investors in Africa. Like the Ventures Platform, we believe that the power of technology, combined with the scale and scope of entrepreneurship, can help solve some of the most pressing challenges of our time. We are delighted to partner with the Ventures Platform to help empower talented entrepreneurs to scale their innovations across the continent and beyond.”

What you should know: Since the fund’s first closing late last year, the early-stage “discovery” venture capital fund has deployed new capital and follow-on capital to companies in various verticals and regions across the continent, including Remedial Health, Moni Notto and Charge. To further solidify its pan-African reach, the Ventures Platform is actively seeking opportunities in regions such as Kenya, Egypt and French-speaking West Africa.

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