TLDR:
– P1 Ventures has secured $35 million in its latest funding round completion.
– The company plans to expand its team and operations to Dakar, Senegal, and Nairobi, Kenya.
P1 Ventures, a pan-African Seed Venture Capital (VC) fund, has successfully completed the second round of funding for its USD 35 million fund. The investment firm closed its second fund at USD 25 million in September 2023, attracting capital from various industrial conglomerates, private companies, and general partners of European and United States-based global funds. The company aims to utilize the funds to expedite its initiatives in AI-powered Software as a Service (SaaS) sectors. With the goal of reaching USD 50 million by the fund’s final close, P1 Ventures has included the World Bank’s International Finance Corporation (IFC) as its inaugural public institutional investor. This partnership will support early-stage tech startups in Africa by facilitating access to growth capital and securing follow-on funding.
