Ventures Platform, one of Africa’s most active seed-stage venture capital firms, has closed its second institutional fund at $84 million, just $23 million short of the total raised by all six African venture funds that closed in 2025.
The fund, VP Pan-African Fund II, brings in four new institutional backers—the European Bank for Reconstruction and Development; Norfund, Norway’s development finance institution; the Dutch family office Alphatron; and the Ashesi University Foundation—alongside a consortium of new family offices.
The new investors join limited partners from the $64 million first close in November 2025: Nigeria’s iDICE programme; the International Finance Corporation; Standard Bank; British International Investment; Proparco through the EU-backed Choose Africa programme; Egypt’s micro, small and medium enterprise development agency (MSMEDA); AfricaGrow and Alder Tree Investment.
The second fund will allow Ventures Platform to increase its stake in startups, as it is 1.8 times the size of Ventures Platform’s first institutional fund, which closed at $46 million in December 2022. Still, it will back roughly the same number of companies with much bigger cheques, targeting entry stakes of 10% to 12%.
