Lagos-based Ventures Platform has just closed its first $40 million pan-African fund. This fund is led by Kola Aina an early-stage investor with 69 investments since 2016. Nigeria’s Ventures Platform rallied investors across the country’s including the nation’s sovereign wealth fund.
The new developments are a build up after the fund made a 20-fold profit upon exiting Paystack during its $200 million investment last year. Other participants in the round are Nigeria conglomerate UAC Nigeria, and financial services company VFD Group. The new funds will help the firm offer larger cheque sizes and participate in follow-on rounds.
Other investors in the fund are Paystack’s co-founder Shola Akinlade. Bloomberg reports that most of the investors into the fund were Nigerians, an indication of the maturity of the country’s ecosystem. Startups previously backed by Ventures Platform are Payday, Payhippo, MoneyHash, and Lemonade. More on the raise on The Capital Quest.