…As iDICE invests in ventures platform’s $75m Pan-African Fund
For the first time in Nigeria’s history, the federal government is directly taking a stake in the nation’s startup ecosystem, not as a regulator or grant-maker, but as an investor.
Through its flagship Investment in Digital and Creative Enterprises (iDICE) programme, the government has invested in Ventures Platform’s new $75 million Pan-African venture capital fund, marking a defining shift in public-sector involvement in private innovation.
Ventures Platform, one of Africa’s most active seed-stage investors, announced a $64 million first close for its VP Pan-African Fund II, with a target of $75 million. The fund aims to deepen seed-stage investing, catalyse Series A rounds, and expand the firm’s footprint across Africa, particularly in Francophone and North African markets.
While 70 percent of the Limited Partners (LPs) from Ventures Platform’s first institutional fund returned for this second round, the entry of iDICE, Nigeria’s federally backed $617.7 million initiative, has drawn the most attention.
“We are delighted to have iDICE as an LP. They inspire and give confidence to foreign LPs. They also have deep context into the local markets, which makes them invaluable to the fund manager and portfolio companies,” said Kola Aina, founding partner at Ventures Platform.
Aina added that iDICE’s participation could also unlock regulatory flexibility and foster smoother public–private engagement in Nigeria’s innovation economy. “We hope to lean on them for multi-agency issues and regulatory matters that typically slow startups down,” he noted.
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A new kind of public investment
Launched in 2023, the iDICE programme is designed to promote investment in Nigeria’s digital and creative industries. It is funded by the Federal Government of Nigeria (through the Bank of Industry), the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB).
Until now, government funding for innovation had largely been restricted to grants and interventions, with minimal risk appetite. iDICE’s investment in Ventures Platform marks its first deployment into a private venture capital fund, an unprecedented move in Nigeria’s public finance landscape.
Olasupo Olusi, managing director of the Bank of Industry, this partnership underscores the government’s resolve to catalyse high-growth, tech-enabled enterprises. “Bank of Industry is proud to be associated with Ventures Platform, the programme’s technology fund manager, on this milestone. This investment deepens our goal of scaling Nigeria’s technology and creative sectors,” Olusi stated.
Historically, Nigeria’s public funding mechanisms have shied away from venture-style risk-taking, even though the Nigeria Startup Act provides for a government-backed seed fund of up to N10 billion ($6.95 million). The iDICE–Ventures Platform deal signals a fresh model for public–private collaboration, one that could redefine how government capital supports innovation.
Other participants in the VP Pan-African Fund II include the International Finance Corporation (IFC), Standard Bank (South Africa), British International Investment (BII), Proparco (through its EU-backed Choose Africa VC program), Micro, Small & Medium Enterprises Development Agency (MSMEDA), and AfricaGrow.
Leading family offices such as Alder Tree Investment and prominent global investors like Y Combinator’s Michael Seibel also joined the round.
The fund will continue to invest across fintech, healthtech, agritech, edtech, and artificial intelligence, areas Aina describes as critical to Africa’s next tech wave. Beyond early-stage deals, the fund will now also lead and facilitate Series A investments, while expanding Ventures Platform’s reach across Francophone and North African regions.
Nigeria’s foray into venture investing comes at a critical time. Despite its thriving tech ecosystem, home to some of Africa’s most valuable startups, access to local risk capital has remained limited. The involvement of iDICE could open doors for similar funds, derisk private investment, and set the stage for a sustainable, homegrown innovation economy.
If successful, the initiative could become the model for how African governments participate in the startup revolution, not as distant policymakers, but as committed investors betting on their own innovators.
