One of Africa’s prominent VC firms, known for investing in numerous companies, has reported successful returns on a significant portion of its investment cohorts, as stated in its 2023 impact report.
In a recent update, the VC firm revealed the closure of a $46 million fund in 2022, following the initial announcement of a $40 million Ventures Platform Fund I in 2021. The fund aimed to support startups in various sectors including Fintech, Logistics, Healthtech, and Cleantech, with contributions from notable entities like Paystack CEO, Nigeria Sovereign Investment Authority (NSIA), and UAC Nigeria, alongside global investors like Y Combinator CEO Michael Seibel and Adam Draper.
Having disbursed $19.6 million from the fund to diverse startups across the continent, the VC firm emphasized its focus on addressing critical challenges faced by low-income populations, such as limited access to essential services like healthcare, education, and financial services.
The fund allocation revealed a significant investment in fintech startups, followed by SaaS, B2B, and Healthtech. Additionally, other sectors like logistics, autotech, insurtech, and cleantech also received considerable investments, showcasing the firm’s diversified portfolio.
Despite plans to expand investments beyond Nigeria, a large portion of the Fund I investment was directed to startups headquartered in key African countries. The firm’s commitment to supporting startups with long-term potential led to the implementation of follow-on funding strategies to address their evolving needs.
Looking towards the future, the VC firm expressed intentions to broaden its investment reach across the African continent. With a history of investments in various African startups, Ventures Platform aims to establish itself as a pan-African investor, reinforcing its commitment to the region’s entrepreneurial landscape.
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