From Discovery to Scale: How Ventures Platform is Shaping the Next Decade of African Venture Capital

PEVCA is pleased to launch the Capital at Work: Member Spotlight Series, a platform that highlights the people, firms, and milestones shaping Nigeria’s private capital landscape.

For the inaugural edition, we spoke with Dr Dotun Olowoporoku, Managing Partner at Ventures Platform, whose first close of Fund II (USD 64 million) marks an important inflection point for both the firm and the wider African venture ecosystem. More than a fundraising milestone, Fund II signals a step-change in the depth of local conviction, with strong re-ups from existing LPs and the landmark participation of the iDICE programme — a defining moment for public-sector investment in venture capital.

With its expanded mandate to lead and catalyse Series A rounds, Ventures Platform is positioning itself to bridge one of the most persistent gaps in Africa’s innovation pipeline. In this feature, Dotun reflects on the significance of the first close, the role of governance and clarity in investor engagement, the lessons learned from building trust with diverse LPs, and the future he sees for African founders — one where timing advantages, global connectivity, and responsive regulation unlock a new decade of scale.

Read the Interview Below:

Q1. Congratulations on the first close of Fund II! What does this milestone represent for Ventures Platform, and why is it significant for the local VC ecosystem?

Dr Dotun: Thank you. For us, the first close of the Ventures Platform Pan-African Fund II is more than a financial milestone — it is a quiet but powerful validation of a decade of disciplined investing and supporting the tech ecosystem. The 70% re-up from our existing LPs, particularly the institutional investors from Fund I, tells a simple story: conviction deepens when execution is consistent.

This close also reinforces something we believe at VP: Africa remains one of the purest sources of non-consensus alpha — not because it is easy, but because its complexities reward those who are willing to do the work.

For the ecosystem, VP PAF II widens the aperture. It expands our ability to find and back innovators solving chronic non-consumption — the “painkiller” companies building essential rails in fintech, health, agriculture, education, and increasingly, AI. When local funds scale their ambition, the entire market benefits.

Q2. With Fund II expanding its mandate to lead and catalyse Series A rounds, how is Ventures Platform reimagining its role in Africa’s venture landscape compared to Fund I?

Dr Dotun: Fund I was about discovery — spotting exceptional founders early, helping them shape their narrative, sharpen their product, and reach meaningful traction. But over time, a clear pattern emerged: many of the most promising companies hit a capital and capability wall at Series A.

With Fund II, we are doubling down on being the first institutional check for early-stage companies, while also stepping deliberately into the Series A gap. We’re committing to not just being early believers, but long-term scale partners. Catalysing Series A rounds as a follow-on for our portfolio companies allows us to de-risk strong companies, create continuity of support, and provide confidence for crowding in other growth stage investors into the round. Fund II isn’t simply bigger capital. It’s a bigger mandate — to strengthen our seed-to-scale strategy.

Q3. The participation of iDICE, the Government of Nigeria’s Investment in Digital and Creative Enterprises programme, marks a new chapter in public-sector investment in VC. How did that partnership come about, and what does it signal for the future of local capital mobilisation?

Dr Dotun: The iDICE partnership emerged because the Nigerian government was intentional about finding an experienced, trusted technology fund manager who could deploy public capital responsibly and strategically. Through a transparent and competitive process, Ventures Platform became that partner — and that in itself is significant. iDICE’s participation marks a quiet but decisive shift: government and domestic development institutions are beginning to act as patient LPs, not just grant-makers. That shift strengthens the capital stack. Local capital understands local nuance — founder psychology, regulatory realities, market friction. When it steps forward with conviction, it attracts both private and international capital. It’s a multiplier effect. And it signals that Nigeria is ready to build, not just fund, its innovation economy.

Q4. What lessons — both strategic and structural — have you learned from this fundraising journey that other fund managers or ecosystem players could take away?

Dr Dotun: If this raise reinforced anything, it is that clarity and discipline are underrated advantages. Investors back funds that can articulate — with precision — the opportunity, the thesis, and their unique edge. For us, the lens of non-consumption kept us honest and focused. Structurally, the fundamentals matter: clean governance, transparent track records, and consistent communication. These things build trust — and trust compresses timelines. In the end, capital doesn’t just follow returns. It follows clarity, consistency, and credibility.

Q5. Beyond the capital raise, what are your focus areas for the next 12–24 months? How will this fund shape your portfolio strategy and ecosystem engagement going forward?

Dr Dotun: Over the next two years, our attention is on deepening our footprint across Africa while remaining disciplined about the kinds of problems we choose to solve. We will back resilient founders building market-creating innovations across fintech, healthtech, agritech, edtech, and AI sectors, where infrastructure gaps remain wide but the potential for transformation is even wider. Fund II also enables us to confidently catalyse Series A rounds, ensuring the companies we discover can also be the companies we scale. Alongside that, we are expanding our presence in Francophone West Africa, opening an office in North Africa with intentionality, and fortifying our strong base in Nigeria. Beyond capital, we’ll continue doing what has always differentiated Ventures Platform — hands-on operational support, ecosystem connectivity, and a value-creation engine that helps founders build not just fast, but well.

Q6. Finally, what gives you the most optimism about African innovation and entrepreneurship today?

Dr Dotun: What gives me the most optimism today is the timing. Africa’s innovation ecosystem is still early in its maturity curve, which means the upside is significant and the opportunities compound quickly. We are at a moment where advances in technology, the diffusion of AI, and shifting geopolitical dynamics are opening new market corridors — from intra-Africa trade to deeper China-Africa commercial ties. These shifts expand what is possible for founders building from the continent. At the same time, the cost of starting and scaling technology products has dropped dramatically. African founders now have a timing advantage: they can build faster, cheaper, and for a wider addressable market than any generation before them. The tools, infrastructure, and distribution channels available today simply didn’t exist a decade ago. We are also seeing regulation evolve in response to innovation, not ahead of it. Policymakers are increasingly shaping rules around market realities and user adoption, which creates more predictable environments for startups to grow. When you combine early-stage ecosystem timing, accelerating technology tailwinds, expanding global corridors, and more responsive regulation, the picture becomes clear: the next decade will present more opportunity than constraint. That is why I’m confident that African entrepreneurs won’t just join the global innovation wave — they will help define it.

Quick Takes:

Recent Read: Book, article, or podcast

A Short History of Ancient Rome [Found this book fascinating and a proof that history does not repeat, but it rhymes]

• Favourite Local Spot: Restaurant, café, or place that inspires you

Art Cafe in Victoria Island, Lagos [recently rediscovered this spot after nearly 5 years of my absence. A part of Lagos that brings good memories]

• One Word for 2025: Your mood or mindset for the year

“Context” [this is the overriding word of the year for me, context brings more clarity than explanation]