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Pan-African venture capital firm P1 Ventures has reached the first close of its second fund at USD 25 M. The venture capital firm secured this capital from some of Africa’s largest industrial conglomerates and private companies, several fund of funds and general partners of global funds based in the U.S. and Europe.
While this second fund (its first institutional fund) will still focus on these sectors, the firm plans to include AI to its portfolio. Its first investment in this category is Zambian startup Nkoloso.ai, which gathers data and keeps track of vast tracts of agricultural land using satellite imagery and AI. It’s also one of two AI startups and five portfolio companies the Dubai–based venture capital firm has backed from its second fund.