Nigeria: Ventures Platform aims to use $40m fundraising to load up on fintech

By David Whitehouse

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Posted on January 17, 2022 14:20

KolaAina © Kola Aina, founder and general partner at Ventures Platform. Photo supplied.
Kola Aina, founder and general partner at Ventures Platform. Photo supplied.

Nigerian start-up investor Ventures Platform is seeking funds to increase its exposure to domestic fintech, founding partner Kola Aina tells The Africa Report.

The fund, which also invests across Africa, is trying to raise $40m. Ventures Platform had a first close in December and is aiming for a final close in the first half of this year. The fund has secured backing from investors including the Nigeria Sovereign Investment Authority (NSIA), United Africa Company of Nigeria (UAC), VFD Group, Ycombinator CEO Michael Siebel and Paystack co-founder Shola Akinlade. Aina is already investing some of the new money raised.

Ventures Platform has invested in 70 companies to date, including Piggyvest, Paystack, Kudi and Thrive Agric. In 2021, it made new investments in Nigeria, Kenya, Egypt, and Zambia. Aina sees fintech, agritech, healthtech, bioscience, digital infrastructure and software as a service (Saas) as Africa’s most promising growth investment themes.

The fund is “very bullish” on its main market Nigeria and is also keen on raising its

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