The fund will invest in early-stage technology companies across Africa and support selected portfolio businesses through later funding rounds.

The final close added $20 million to the $64 million first close announced in November 2025.

Ventures Platform plans to lead and support investments from pre-seed through Series A, with a focus on technology businesses operating in sectors including financial services, healthcare, agriculture, education and artificial intelligence.

New limited partners include the European Bank for Reconstruction and Development, Norway’s development finance institution Norfund, Alphatron and Ashesi University Foundation.

A consortium of family offices also participated in the final close.

EBRD invested $8 million through its Early-Stage Innovation Facility II, while Norfund committed $6 million.

EBRD said the fund will invest across the continent, with particular attention to Côte d’Ivoire, Egypt, Morocco, Nigeria and Senegal.

The bank’s participation represents its first commitment to a pan-African venture capital fund assessing opportunities in sub-Saharan Africa.

The new investors join limited partners that participated in the first close, including Nigeria’s Investment in Digital and Creative Enterprises program, the International Finance Corporation, Standard Bank South Africa, British International Investment and Proparco through the European Union-backed Choose Africa VC program.

Other existing investors include Egypt’s Micro, Small and Medium Enterprises Development Agency, AfricaGrow and Alder Tree Investment.

“This fund is ultimately not about the capital we’ve raised, but about the entrepreneurs we’re privileged to be able to back,” said Kola Aina, founding and managing partner at Ventures Platform.

Aina said the firm is seeing African founders build companies with stronger technical capabilities, governance structures and knowledge of the markets they serve.

The fund close expands the amount of institutional capital available to African startups as equity investment begins to recover from the recent market slowdown.

African technology companies raised $4.1 billion in equity and debt financing during 2025, up 25% from the previous year, according to Partech.

Equity funding increased 8% to $2.4 billion across 462 transactions, while Kenya, South Africa, Egypt and Nigeria accounted for 72% of all capital raised.

The concentration of funding in a small number of markets leaves many early-stage companies with limited access to risk capital, particularly before they reach the scale required by larger investors.

Dirk Werner, EBRD’s managing director of equity, said venture capital remains underdeveloped compared with the level of entrepreneurial activity across Africa and described the bank’s investment as support for the market infrastructure that connects innovative businesses with growth capital.

Ventures Platform has invested in African technology companies since 2016.

Its portfolio includes Moniepoint, OmniRetail, PiggyVest, Raenest and Seamless Technologies, formerly SeamlessHR.

The firm’s first institutional fund closed at $46 million in 2022, exceeding its $40 million target.

At nearly twice the size of its first institutional fund, VP Pan-African Fund II gives Ventures Platform greater capacity to finance startups from their earliest stages and continue supporting stronger performers as their capital needs increase.

Its combination of development finance institutions, commercial investors, foundations and family offices also broadens the sources of long-term capital available to technology companies building across African markets.