Nigeria’s Ventures Platform rallied investors including the nation’s sovereign wealth fund to conclude a first close of a $40m fund, months after it made a 20-fold profit from exiting a payments startup.
Nigeria’s Ventures Platform rallied investors including the nation’s sovereign wealth fund to conclude a first close of a $40m fund, months after it made a 20-fold profit from exiting a payments start-up.
“This first round is majority local capital, which is also strategically important because it de-risks foreign capital,” Ventures Platform founding partner Kola Aina said in an interview. A second round, with global institutional investors, may be closed “in early 2022,” he said. Investment into African startups is set to reach $5bn this year, a figure higher than what was raised in the previous three years combined. Nigeria delivered multiple unicorns in the period.
“We have been a first cheque investor and help raise with follow up investors. Now, we are starting to see the exits and it is clear we were leaving money on the table,” Aina said. “What the Paystack opportunity showed us is that this is the guy we backed from day one, we made a significant exit but could have been significantly more.”
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