News Summary

Ventures Platform, a prominent early-stage venture capital firm based in Lagos, Nigeria, has successfully raised $64 million for its second fund, aiming for a final close of $75 million. This fund marks a significant milestone as it includes the first-ever investment from the Nigerian government through its Investment in Digital and Creative Enterprises (iDICE) program. The firm, known for its role in nurturing African unicorns, intends to focus on Series A investments and increase its presence in Francophone West Africa and North Africa. Ventures Platform has already funded over 90 startups across sectors like fintech, healthtech, agritech, edtech, and AI. Notable portfolio companies include Moniepoint and Paystack, which have revolutionized online payments and small business banking in Africa. Despite concerns about exits and liquidity in the African tech ecosystem, Ventures Platform continues to attract global and local investors, highlighting Africa’s potential for high-risk, high-reward investments.