Grace Ashiru
P1 Ventures, a pan-African Seed Venture Capital (VC) fund, has successfully completed the second round of funding for its USD 35 million fund. This will enable the company to expand its team and operations to Dakar, Senegal, and Nairobi, Kenya. In September 2023, the investment firm closed its second fund at USD 25 million, attracting capital from various industrial conglomerates, private companies, and general partners of European and United States-based global funds.
The investment firm is aiming to utilize the funds to expedite its initiatives in sectors such as AI-powered Software as a Service (SaaS), recognizing Africa’s substantial economic potential in these areas. With the goal of reaching USD 50 million by the fund’s final close, the company has announced the inclusion of the World Bank’s International Finance Corporation (IFC) as its inaugural public institutional investor. The partnership with IFC will play a pivotal role in supporting P1’s early-stage tech startups by facilitating access to growth capital for expanding operations and securing follow-on funding.
