TLDR:
- P1 Ventures completes second close of its second fund at USD 35 million.
- The investment firm plans to expand its team and operations to Dakar, Senegal, and Nairobi, Kenya, focusing on sectors like AI-powered Software as a Service (SaaS).
In a recent announcement, P1 Ventures, a pan-African Seed Venture Capital (VC) fund, has completed the second close of its USD 35 million fund. The firm raised the capital from industrial conglomerates, private companies, and general partners of Europe and United States-based global funds. The goal is to accelerate its work in sectors like AI-powered Software as a Service (SaaS), as it believes Africa has a significant economic advantage in these areas.
P1 Ventures is aiming to reach USD 50 million by the final close of this fund. The company has welcomed the World Bank’s International Finance Corporation (IFC) as its first public institutional investor. This partnership will assist P1’s early-stage tech startups in obtaining growth capital to expand operations and attract follow-on funding.
This move signifies P1 Ventures’ commitment to supporting Africa’s best entrepreneurial talents and driving innovation in key technology sectors. The expansion of operations to Dakar, Senegal, and Nairobi, Kenya, reflects the company’s strategic vision for growth and impact across the continent.
