Tech Desk Drafts — 2026-08-26

## Ventures Platform Closes $83 Million Second Africa Fund, Expands Beyond Nigeria

### Fund II oversubscribed, 70% of Fund I LPs return

Ventures Platform has raised an oversubscribed $83 million second fund as the pan-African venture firm expands beyond its home market of Nigeria with a strategy shaped by a tougher, more selective venture market, founding partner Kola Aina told TechCrunch. The firm plans to back early-stage founders across fintech, healthcare, SaaS and other sectors "where technology can address essential needs and build large, enduring businesses," Aina said.

The fund will write checks of up to $3 million and aims to deploy capital over the next three to four years. Ventures Platform has already written checks from Fund II to five companies based in Kenya, South Africa and Egypt, TechCrunch reported.

Fund I, a $46 million vehicle closed in 2022, focused primarily on pre-seed and seed rounds. "It allowed us to demonstrate that our approach to early-stage investing in Africa could work at an institutional scale and laid the foundation for Fund II," Aina told TechCrunch.

### LPs demand proof, not just 'Why Africa'

The fundraising process took about a year and a half in a more "selective" environment, Aina said. "LPs are asking harder questions about performance, portfolio construction, liquidity, manager discipline, and differentiation," he told TechCrunch. "Three years ago, there was still a significant amount of curiosity around the African opportunity. Today, LPs expect proof."

The conversation has moved from "Why Africa" to "Why you and how exactly are you going to generate returns," Aina said, adding that simply being a pan-African fund is no longer a strategy. LPs want to know about access to top talent, how funds navigate individual markets, and "why you have the right to win."

Existing investors backed the new fund: 70% of Fund I's LPs returned for Fund II, including the European Bank for Reconstruction and Development, Norfund (Norway's development finance institution), and Ghana's Ashesi University Foundation, TechCrunch reported.

### AI as an enabler, not a feature

"We're particularly interested in where AI changes the economics of serving African markets," Aina told TechCrunch, pointing to AI's potential to reduce the cost of delivering services and help overcome labor shortages. "For us, AI is most interesting when it is not simply a feature, but an enabler of an entirely different cost structure, business model or market."

African startups have raised around $930 million across more than 200 deals this year, compared with $1.16 billion across 447 deals last year, according to TechCrunch.

### FAQ

**Q: How does Fund II differ from Fund I?** A: Fund II is larger ($83M vs $46M), has a wider geographic mandate beyond Nigeria, and writes larger checks (up to $3M). The firm has already invested in Kenya, South Africa and Egypt from the new fund.

**Q: Which LPs backed Fund II?** A: 70% of Fund I LPs returned, including the European Bank for Reconstruction and Development, Norfund, and Ghana's Ashesi University Foundation.

**Q: What is Ventures Platform's AI thesis?** A: The firm views AI as an enabler of different cost structures and business models, not merely a feature — particularly where it reduces service delivery costs and addresses labor shortages in African markets.

**Sources:** businessday.ng, techcabal.com, techpoint.africa, techcrunch.com