The USD 35 million second funding round for P1 Ventures, a pan-African Seed Venture Capital (VC) fund, has successfully concluded. This will allow the business to grow by adding employees and extending its operations to Nairobi, Kenya, and Dakar, Senegal. The investment firm raised funding from a variety of industrial conglomerates, private enterprises, and general partners of global funds with headquarters in Europe and the United States to close its second fund in September 2023 at a cost of USD 25 million.
The investment firm recognises that Africa has significant economic potential in these areas and plans to use the cash to accelerate its initiatives in areas like AI-powered Software as a Service (SaaS). The World Bank’s International Finance Corporation (IFC) has joined the fund as its first public institutional investor, with the aim of raising USD 50 million by the fund’s final close. The collaboration with IFC will be essential to P1’s early-stage technology firms as it will make it easier for them to get growth capital for operational expansion and follow-up finance.