P1 Ventures Completes Second Close Of Its Second Fund At USD 35 M

P1 Ventures, a pan-African Seed Venture Capital (VC) fund, has announced the second close of its USD 35 M fund to expand its team and operations to Dakar, Senegal, and Nairobi, Kenya. In September 2023, the investment firm closed its second fund at USD 25 M, raising capital from several industrial conglomerates, private companies, and general partners of Europe and United States-based global funds.

The investment firm plans to use the funds to accelerate its work in sectors like AI-powered Software as a Service (SaaS), where it believes Africa has a significant economic advantage. The company, aiming to reach USD 50 M by the final close of this fund, stated that it has welcomed the World Bank’s International Finance Corporation (IFC), its first public institutional investor, to join its mission to support Africa’s best entrepreneurial talents. The IFC partnership will assist P1’s early-stage tech startups to obtain growth capital to expand operations and attract follow-on funding.