TLDR:
Key Points:
- P1 Ventures has closed $35 million for its second fund
- Expanding team in Nairobi and Dakar, focusing on sectors like AI-powered SaaS
P1 Ventures, a US and Africa-based investment fund, has successfully closed $35 million for the second round of its fund. With the aim of reaching $50 million by final close, the fund has secured the International Finance Corporation (IFC) as its first public institutional investor. The team is expanding into Nairobi and Dakar and doubling down on investments in sectors like AI-powered SaaS.
The fund has also hired a data scientist to integrate AI into its investment and workflow processes, making it the first fund to leverage AI to source deals and talent in the African ecosystem. By using AI, the fund aims to enhance its investment processing capacity and identify opportunities more effectively. The partnership with IFC will enable P1’s startups to access growth capital and expand their operations, with a focus on sectors like fintech and AI-powered SaaS.
Some of P1’s investments include the Algeria-based super app Yassir, the Nigeria-based employee healthcare platform Reliance Health, the Ivory Coast neobank consumer challenger neobank, and the Moroccan fintech and e-commerce app Chari. The fund is confident in the potential of the African continent, believing that emerging markets in Africa embrace technology at a faster pace than developed counterparts. By backing founders who use emerging technology like gen AI, P1 Ventures aims to disrupt industries such as retail, agriculture, and healthcare.
The fund is focused on supporting second-time founders and operators with proven models and in-demand software business models. The team is allocating resources to build in-house data science tools and processes to enhance screening and sourcing of investments. The partnership with IFC aims to increase competitiveness and efficiency in traditional markets across the continent. The fund remains optimistic about the African ecosystem and sees it as a great vintage year for regional VC funds.
