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.
The firm plans to back early-stage founders across a range of sectors, including fintech, healthcare, SaaS and other areas “where technology can address essential needs and build large, enduring businesses,” Kola Aina, the firm’s founding partner, told TechCrunch.
Of course, AI is part of that thesis.
“We’re particularly interested in where AI changes the economics of serving African markets,” he said, pointing to its 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.”
Ventures Platform, which is headquartered in Nigeria, previously raised a $46 million Fund I in 2022 with a similar, albeit more limited scope. The first fund focused primarily on pre-seed and seed rounds.
