News
Ventures Platform Closes its Pan-African Fund Above the Initial Target at $46M
Ventures Platform, the pan-African VC firm championing the next generation of African technology entrepreneurs, has announced the final close of its early-stage and intercontinental fund, at $46M.
Surpassing its initial $40M target, the oversubscribed fund from one of the continent’s most prolific investors sees new participation from global investors with an array of top-tier commercial banks, corporates, DFIs, global institutional investors and HNIs, including Standard Bank, International Finance Corporation [IFC], British International Investment, A to Z Impact, Proparco with FISEA, AfricaGrow a Fund of Funds backed by BMZ [German Ministry for Economic Cooperation and Development, DEG and Allianz, managed by Allianz Global Investors], and others.
The new fund will see Ventures Platform double down on backing a cohort of category-leading companies across the continent and will also allow for follow-on investments for portfolio companies, up to Series A.
In a bid to better support the companies it invests in, Ventures Platform has also established an innovative “platform and networks” practice that will provide scalable and world-class post-investment support and value creation to its portfolio companies.
Since the first close of the fund late last year, the early-stage “discovery” venture capital fund has deployed new capital and follow-on capital into companies across various verticals and regions on the continent, such as Remedial Health, Moni Notto, and Chargel.
To further consolidate its pan-African reach, Ventures Platform is actively seeking opportunities in regions such as Kenya, Egypt, and French-speaking West Africa.
In addition to the close of the fund, Ventures Platform has made a series of strategic team additions at partnership and senior management level.
The VC firm has added accomplished entrepreneur, investor, and former Principal at pan-African VC firm, Novastar Ventures, Dr. Dotun Olowoporoku, as Managing Partner.
Dotun’s addition to the partnership brings expertise and new opportunities across areas such as investor relations, corporate governance, international expansion, M&A, and growth marketing to the Venture Platform fold.
Prior to joining Ventures Platform, Dotun Olowoporoku had played key roles as a consultant or board observer in Flutterwave, Turaco, TeamApt, among others. He was, up to recently, the Chief Commercial Officer at TeamApt.
In addition, Ventures Platform has appointed another notable new member to further enhance its expert network as it brings onboard renowned technologist and investor, Desigan Chinniah, as a Venture Partner.
Having spent his career as a venture capitalist, serving in leadership and advisory roles across a blue-ribbon range of companies, Chinniah will harness his expertise in product innovation, sales intelligence and developer relations to support Ventures Platform portfolio companies.
Since its launch in 2016, Ventures Platform has leveraged its on-the-ground presence on the continent and expertise in corporate partnerships, talent, growth, regulation and operations to strengthen the venture capital ecosystem in Africa, acting as a key partner and conduit for international funds and stakeholders.
The pan-African VC firm has over 60 active investments, including Nomba (formerly Kudi), Reliance HMO, Brass, MarketForce, Mono and Piggyvest to add to the successful exit of Paystack (acquired by Stripe).
Whilst focussing on funding market-creating innovations that optimise for non-consumption, Ventures Platform has accrued one of the largest technology start-up portfolios on the continent.
Investing from pre-seed stage up to Series A, the fund invests in startups across multiple sectors, ranging from Fintech, Insurtech, Life Science and Health Tech, Edtech and Digital talent accelerators, Enterprise SaaS, Digital Infrastructure Plays, Agritech and Food Security.
Kola Aina, Founder and General Partner at Ventures Platform, stated, ‘We are honoured to have the breadth of both local and global investors who have bought into our vision and who equally are bringing immense value to our portfolio.
“This is a crowning close to an eventful year in which we made substantial advancements both in the tactical and the proprietary interventions that catalyze our portfolio companies.
“Dotun’s hands-on pan-African experience, from working with both start-ups and institutional investors, brings an invaluable perspective that will help with our continued growth.
“We look forward to helping our portfolio companies maximise their full potential whilst also consolidating our position as a key and dependable business partner for investors in Africa.
“We recognize the tougher macroeconomic climate at present, and whilst we remain cautious in terms of market dynamics and remain grounded in our long-standing belief in proper due diligence and corporate governance, we are also acutely aware that with our investment thesis, which is centred on market-creating innovations that thrive when value-chains and markets are restructured, there continues to be incredible opportunities across the market.
“As it’s been said, a true test is not how one handles moments of comfort and convenience but rather moments of adversity, and so we are glad to be partnering with often highly experienced, mission-driven founders who are positively impacting the livelihoods of their local communities even in these trying times.”
William Sonneborn, IFC’s Global Director of Disruptive Technologies and Funds, said: “IFC is the largest global development institution focused on boosting private sector investments in emerging markets. Championing tech innovation, digital talent, and connectivity are key to succeeding in our mission. We are also one of the largest tech investors in Africa.
“Like Ventures Platform, we believe that the power of technology, combined with the scale and reach of entrepreneurship, can help solve some of the most pressing challenges of our time. We are delighted to partner with Ventures Platform to help emerging, talented entrepreneurs scale their innovations across the continent and beyond.”
Babacar Seck, Senior Investment Officer for Venture Capital at PROPARCO, added, “We are thrilled to partner with Ventures Platform in their journey backing early-stage African startups creating new markets and jobs, while accelerating the continent’s digitization.
This ground-breaking partnership reflects the deep commitment of Proparco to African entrepreneurship in line with the Choose Africa initiative, and is being funded through FISEA, an investment fund of the Agence Française de Développement, that finances African startups and small-medium enterprises through innovative fund managers.”
Martin Ewald, Lead Portfolio Manager Allianz Global Investors, Impact Investments, also stated, “The investment strategy of AfricaGrow is funding Private Equity and Venture Capital funds domiciled and active in Africa, which is both challenging and very rewarding.
In Ventures Platform, we have found an excellent partner generating real impact on the ground by building successful companies utilising their deep experience, network and local expertise. We are looking forward to a fruitful cooperation.”
“We feel that start-ups, technology and innovation are central to catalysing Africa’s economic potential. We are particularly excited to be contributing towards building a digital and self-sustaining continent and believe that Ventures Platform is well placed with a great leadership team and a solid investment thesis to help achieve these overarching objectives’ added Akash Maharaj of the Standard Bank Group.
Manufacturers Association of Nigeria (MAN) has expressed concerns over the impending ban on Single-Use Plastics (SUPs) by the Lagos State Ministry of Environment.
It warned that it could lead to job losses and and lead to economic, operational, and social consequences for manufacturers, traders, recyclers, and end users.
Segun Ajayi-Kadir, director general, MAN, in a statement called on the Lagos State government to reconsider the ban, citing a lack of credible data and stakeholder engagement.
According to Ajayi-Kadir, a recent study revealed that 100% of manufacturers surveyed expressed fears of job losses and workforce restructuring if the ban is implemented.
He said, “A recent MAN-supported study evaluating the possible impacts of the Lagos State SUPs ban revealed significant adverse economic, operational, and social implications across the value chain, from manufacturers to wholesalers, traders, and end users. It has been noted that only poor and developing countries often tilt towards plastic ban as a strategy to combat environmental problems.
“A hundred percent of the manufacturers consulted expressed concern over a ban-induced workforce restructuring. Thus, several jobs will be lost in the industry if this ban were to be implemented.
“It is noteworthy to mention that there is no form of arrangement for social protection for the employees who will lose their livelihoods as a result of this ban.
“Also, there has been no form of social dialogue on the part of the government with these workers or the industry on the potential job losses.”
According to him, findings showed that 89% of operators in the plastic value chain rely on SUPs as their primary source of income with no alternative source of livelihoods, over 75% of end users, including SMEs, depend on plastic packaging with no affordable or practical alternatives, and 93% of dealers, many of whom are women, reported no prior information or social support mechanisms to cushion the impact.
Ajayi-Kadir emphasised that banning SUPs would not resolve pollution issues but merely substitute one problem for another, especially without scalable alternatives or infrastructure to support the transition.
He urged the government to focus on improving waste management infrastructure and promoting recycling, rather than imposing bans.
A Federal High Court in Ikeja, Lagos state has sentenced 23 Chinese nationals to one year imprisonment each for their involvement in cyberterrorism and internet fraud.
Economic and Financial Crimes Commission (EFCC) arraigned them before Justices D.E. Osiagor, D.I. Dipeolu, and A.O. Faji on a single count of cyberterrorism and online fraud.
Dele Oyewale, spokesperson, EFCC, revealed that the convicted individuals were members of a cyber-fraud syndicate comprising 792 people.
He noted that the culprits were arrested on Thursday, December 19, 2024 in Lagos, during an operation known as ‘Eagle Flush.’
Oyewale stated that the individuals identified as Yu Hui (also known as A. Bin), Huang Jin Hui, Fei Fan, Lu Qiang, Hu Xi Zheng, Sun Zhi Peng, Wu Hao, Cong Bing, and Li Qiang alias Yang Huan Huan, Zheng Wei alias A. Hong, Cheng Jian, Da Tou, A Wen, Zhang Lei, Huang Zhi, Pan Jiong, Chen Wen Yuan, Jia You alias A. You, Wang Zheng Feng alias Feng, Liu San Hua, Liu Beixing, and Wen Zong Xu alias Li Long were all charged on one count of online fraud and cyber-terrorism.
One of the charges brought against Yu Hui (also known as A. Bin) claimed that he, along with others, unlawfully accessed computer systems in Lagos around December 2024 with the intent to destabilize and damage Nigeria’s economy and social structure.
According to the EFCC, this act violated Section 18(1) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, and is punishable under that law.
Similarly, another charge filed against Jia You, accused him of accessing computer systems with the aim of undermining and harming Nigeria’s economic and social stability.
This action was said to be in breach of both the Cybercrimes Act and the Terrorism (Prevention and Prohibition) Act, 2022.
Initially all the defendants pleaded not guilty to the charges.
However, during the court session, they pleaded guilty.
The EFCC prosecution team comprising of Nneemeka Omewa, Babatunde Sonoiki, U.S Kyari, and B.M Isah informed the court that the defendants had reached plea bargain agreements.
The defence team confirmed this and requested the court to adopt the terms of the agreements.
Justices Osiagor, Faji, and Dipeolu found each defendant guilty and sentenced them to one year in prison, with the sentence starting from their arrest date on Tuesday, December 10, 2024.
Each convict was also fined N1 million.
Additionally, the judges ordered the Nigerian Immigration Service (NIS) to deport the convicts within seven days of completing their sentences.
All devices recovered during the operation including mobile phones, laptops, and routers were forfeited to the Nigerian government.
News
Galaxy Backbone Reaffirms Commitment to Support Security Agencies with Its Vast Digital Infrastructure
The Board, Management, and Staff of Galaxy Backbone (GBB) express profound sorrow and heartfelt condolences to the governments and people of Benue, Borno, Plateau, Anambra, and other states affected by recent waves of violent attacks and insecurity. We mourn with every family, community, and institution that has suffered the pain of loss, displacement, and trauma.
At Galaxy Backbone (GBB), we firmly believe that security is the bedrock of any thriving society. No nation can make meaningful progress when peace is threatened. These tragic incidents are not just national emergencies, they represent deep personal losses to every Nigerian, and they call for urgent, united, and technology-enabled solutions to support lasting peace.
As a Federal Government organization, entrusted with delivering secure digital infrastructure and smart technology solutions to public institutions across Nigeria, Galaxy Backbone remains resolute in its commitment to supporting state governments and security agencies through cutting-edge digital platforms that enable proactive and intelligent security management.
We also acknowledge and commend the visionary leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, and the concerted efforts of the Federal Government of Nigeria in responding decisively to the security challenges facing parts of the country. The President’s unwavering commitment to peace, safety, and national unity under the Renewed Hope Agenda is evident in the bold steps being taken to restore order and build a more secure Nigeria.
Through our Safe City Security Solutions, GBB offers an integrated suite of smart surveillance systems, real-time data analytics, emergency communication networks, and AI-enabled threat detection tools. These solutions are specifically designed to enhance operational capabilities, strengthen coordination across security agencies, and empower informed decision-making in high-risk environments.
GBB stands ready to partner with both state governments and security agencies that are committed to building safer, smarter, and more resilient communities. We believe that technology must lead the charge in safeguarding lives, and we are proud to serve as a trusted digital ally in Nigeria’s journey toward modern, tech-enabled public safety.
Together, we can bolster early warning systems, expand surveillance coverage, enable faster emergency responses, and ensure that every Nigerian lives in a country where peace and prosperity are not aspirations, but realities.
May the souls of the departed rest in peace. And may strength, healing, and hope return to the hearts and homes of all those affected.
Galaxy Backbone remains aligned with the vision of a secure, digitally connected, and inclusive Nigeria, where every citizen has the freedom to live, work, and dream in peace.
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