The Nigerian government has made its first direct Venture capital investment and first direct investment in tech startups through its Investment in Digital and Creative Enterprises (iDICE) programme.
The government recently backed Lagos-based Ventures Platform, which announced it has raised $64 million toward its second funding for tech startups, targeting a final close of $75 million, as per TechCrunch on Thursday.
iDICE Program
The iDICE program, managed by the Bank of Industry and co-financed by the African Development Bank (AfDB), the Islamic Development Bank (ISDB) and Agence Française de Développement (AFD), was established to channel public and private capital into Nigeria’s digital and creative sectors.
Initially launched under the administration of later former President Muhammadu Buhari, iDICE is a major step toward significantly upscaling entrepreneurship and innovation in digital technology and creative industries, which include film, fashion, and music.
Its investment in Ventures Platform represents the government’s confidence in using VC as a tool to scale innovation, job creation, and export-ready digital products.
Ventures Platform Fundraising
Other limited partners in the Ventures platform fund include the IFC, British International Investment (BII), Proparco, Standard Bank, MSMEDA, AfricaGrow, and several global investors such as Mr Michael Seibel, former CEO of Y Combinator.
Since its founding in 2016, Ventures Platform has built a track record of identifying and backing some of Africa’s most successful startups, including Moniepoint (a Visa-backed unicorn) and Paystack, which was acquired by Stripe.
The firm has funded more than 90 startups across fintech, healthtech, agritech, edtech, and AI sectors, businesses that are expanding access to essential services for millions across the continent.
