PROJECT

Projects

Summary of Investment Information

Project Number

46313

Company Name

VENTURES PLATFORM LIMITED

Date SPI Disclosed

Mar 23, 2022

Country

Nigeria

Region

Africa

Projected Board Date

Jan 25, 2022

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Aug 19, 2022

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jun 1, 2020
Signed : Jun 30, 2022
Invested : Aug 17, 2022

Sector

Venture Capital Fund

Additional Project Attributes

Blended Finance

Project Description

The investment proposal is for up to US$5 million in equity into Ventures Platform Fund IV (the “Fund”), an African seed fund that is raising US$30 million to make early-stage investments, primarily in Nigeria and the Rest of Africa. The Fund is focused on making early-stage investments (pre-seed to series A) in tech and tech-enabled startups targeting the mass market in Africa. The Fund had a first close in December 2021 of US$14.9 million.

The Fund will be supported by the Blended Finance Facility (BFF) of the IDA 19 IFCMIGA Private Sector Window (IDA PSW), created by the Word Bank Group to catalyze private sector investment in IDA countries, with a focus on fragile and conflict-affected states.

Associated Advisory Engagement

There are no Advisory Services engagements associated with this Project.                                         

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation