TLDR:
- P1 Ventures completes the second close of its second fund at $35 million
- The investment firm plans to use the funds to accelerate its work in AI-powered Software as a Service (SaaS) in Africa
P1 Ventures, a pan-African Seed Venture Capital (VC) fund, has announced the second close of its $35 million fund to expand its team and operations to Dakar, Senegal, and Nairobi, Kenya. The company aims to reach $50 million by the final close of this fund and has welcomed the World Bank’s International Finance Corporation (IFC) as its first public institutional investor.
The investment firm closed its second fund at $25 million in 2023 and has been actively hiring talent, including its first in-house data scientist, to focus on AI-powered deal sourcing. This initiative is the first of its kind for African investors.
P1 Ventures, founded in 2020, seeks to support African entrepreneurs with emerging technologies like generative AI. It aims to back founders with validated products and software business models to attract early clients. The company’s portfolio includes startups from Algeria, Egypt, Nigeria, and other African nations.
Overall, P1 Ventures’ focus on AI and expanding capital to support African startups across the continent highlights a unique approach to venture capital in the region.
