The study investigated the relationship between venture capital and SMEs growth in Akwa Ibom State. The study was prompted by the need to examine the significance of each component of venture capital on the growth of SMEs in Akwa Ibom State. Three components of venture capital – seed capital, start-up capital and development capital were used. A survey research method was used for the study while the sample size of 50 respondents was discretionally obtained from 10 of the 20 identified venture capital financed SMES in the State. Information for the study was obtained from this sample size using structured questionnaire. Regression analysis and ANOVA were used to analyzed the data using Statistical Package for Social Science (SPSS). Findings revealed that seed capital and start-up capital have positive and significant relationship with SMEs growth in the State. In view of the findings, it was recommended that SMEDAN should establish consultancy unit within it to advise SMEs operators on what form of Venture capital is appropriate at a given stage of their businesses.