NSIA leads first close commitments for Ventures Platform fund

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The Nigeria Sovereign Investment Authority has led both new and returning investors from Africa’s corporate and tech ecosystems in supporting the first close of Ventures Platform‘s new pan-African venture fund. The other investors making commitments to the $14.9 million first close include UAC Nigeria, VFD Group, and angel investors Gbenga Oyebode, Paystack founder Shola Akinlade, Y Combinator partner Michael Seibel, and Adam Draper. According to Kola Aina, Venture Platform’s CEO, the fund exceeded its first close goal and is well on the way to hitting its second and final close goal of $40 million.

The fund expects to make its first investment in January 2022. Ventures Platform will use its capital to increase its investment in select, existing portfolio companies, as well as back new early-stage opportunities in startups in its core markets in West Africa. In addition, the firm plans to source opportunities in East, North, and Francophone Africa that have the potential to expand into key markets in West Africa. The fund typically invests anywhere from $25,000 up to $1 million in its deals, backing pre-seed, seed, and Series A stage investments across a variety of sectors.  The investment team is particularly bullish on opportunities in the Fintech, Healthtech, Agritech, Edutech, Enterprise SAAS, and Digital Infrastructure sectors.

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