TLDR:
- P1 Ventures, an African VC firm, has secured $35 million for its second fund.
- The funding will be used to expand the company’s team in Dakar and Nairobi and focus on sectors like AI-powered SaaS.
African venture capital firm P1 Ventures, based in the US, has successfully closed its second round of funding, securing $35 million for its Fund II. The capital will be used to strengthen the team presence in Dakar and Nairobi and emphasize sectors like artificial intelligence-powered Software as a Service (SaaS). Established in 2020, P1 Ventures supports African startups, targeting repeat founders and experienced operators with validated products and scalable software business models.
P1 Ventures, with an initial fund close of $25 million in September 2023, is aiming for a final fund close target of $50 million. The World Bank’s International Finance Corporation (IFC) is the firm’s inaugural public institutional investor, which is expected to enhance access to growth capital for early-stage technology ventures, facilitating business expansion and future funding opportunities.
