Norfund backs Ventures Platform Fund II, deepens startup investment in Nigeria

The Norwegian Investment Fund for developing countries (Norfund) has committed capital to Ventures Platform Pan-African Fund II (VP PAF II), marking a fresh vote of confidence in Africa’s technology ecosystem and signalling deeper Norwegian interest in Nigeria’s fast-growing startup sector.

The investment commitment was announced during a visit to Lagos by a high-level Norwegian delegation led by Andreas Motzfeldt Kravik, Deputy Foreign Minister, Norwegian Ministry of Foreign Affairs, which engaged with key players in Nigeria’s innovation ecosystem as part of efforts to strengthen partnerships around entrepreneurship, technology and long-term economic development.

Speaking during the engagement, Naana Winful Fynn, Head of West Africa at Norfund, said Nigeria remains one of Africa’s most vibrant innovation hubs, driven by entrepreneurs developing solutions to pressing economic and social challenges.

“Nigeria’s innovation ecosystem is one of the most dynamic on the African continent, driven by talented, resilient entrepreneurs who are building solutions to real and pressing challenges,” she said.

According to Fynn, technology and innovation are increasingly helping address development challenges across Africa, while creating opportunities for inclusive and sustainable economic growth.

The choice of OmniRetail as host venue reflected the delegation’s interest in seeing firsthand how local innovation is being deployed at scale to tackle real-world business problems.

OmniRetail has emerged as one of Africa’s largest B2B retail networks, providing thousands of informal retailers with access to inventory, logistics and financial services. The company has attracted significant investor interest in recent years and became Norfund’s first direct fintech investment in Africa through a $20 million Series A financing round announced in April 2025.

Deepankar Rustagi, Founder and Chief Executive Officer of OmniRetail, said the visit highlighted growing international recognition of African technology companies and their ability to deliver commercially viable solutions.

“We are honoured to host the Norwegian delegation and showcase how technology can unlock efficiency, financial inclusion and growth within Africa’s informal economy,” Rustagi said.

“The challenges we are solving are significant, but so is the opportunity. Visits like this reinforce the growing recognition that African businesses are building scalable, commercially viable solutions with meaningful economic impact.”

Ventures Platform, one of Africa’s leading early-stage venture capital firms, has built a reputation for backing technology startups addressing critical challenges across the continent. The firm’s portfolio includes several high-growth companies, including OmniRetail, which it supported as an early investor.

Commenting on the development, Kola Aina, Founding Partner of Ventures Platform, said Africa continues to demonstrate the entrepreneurial talent and resilience required to build globally competitive businesses.

“Africa continues to demonstrate the depth of entrepreneurial talent, resilience and innovation required to build globally relevant businesses,” Aina said.

He added that partnerships between international investors and local venture capital firms remain essential for expanding access to capital, accelerating innovation and driving economic transformation across the continent.