Pan-African VC, Ventures Platformannounced the final close of early-stage and intercontinental funding of $46 million.
Beyond its initial $40 million target, the oversubscribed fund saw participation from one of the continent’s largest investors, as well as some top-tier global investors. which are commercial banks, corporations, DFIs, global institutional investors, and HNIs.
The new fund will see the Ventures Platform double in supporting a cohort of category-leading companies across the continent and will also allow follow-on investments for portfolio companies, up to Series A.
In a bid to better support the companies it invests in, VC is also building a new “platform and networks” practice that will provide scalable and world-class post-investment support and value creation to companies in its portfolio.
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 so on.
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More value: Expressing his gratitude to the investors for bringing more value to the VC, Founder and General Partner of the Ventures Platform, Kola Aina, said:
- “We are honored to have such a wide range of local and global investors who have bought into our vision and have both brought so much value to our portfolio. This is the crowning touch of a sad year in which we have made many achievements. -development of tactical and proprietary interventions that drive our portfolio companies.
- “We recognize the more difficult macroeconomic climate at the moment, and while we remain cautious in terms of market dynamics and remain grounded in our long-standing belief in due diligence and corporate governance, we are also aware that in our investment thesis, which is centered on market-making innovations that flourish when value chains and markets are transformed, there continue to be incredible opportunities throughout the market.
- “As the saying goes, the real test is not how one handles moments of comfort and ease but moments of adversity, and so we are delighted to partner with the ever-experienced, mission-driven builders who positively affecting the livelihood of their local communities despite these difficult times,” he added.
Also commenting, IFC’s Global Director of Disruptive Technologies and Funds, William Sonneborn, said:
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- “IFC is the world’s largest 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 technology investors in Africa.Like the 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 excited to partner with the Ventures Platform to help emerging, talented entrepreneurs scale their innovations across the continent and beyond.
What you need to know: Since the fund’s first close 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. on the continent, such as Remedial Health, Moni Notto, and Charge. To further strengthen its pan-African reach, the Ventures Platform is actively seeking opportunities in regions such as Kenya, Egypt, and French-speaking West Africa.