– P1 Ventures, a US-based African venture capital firm, successfully secured $35 million in its second funding round for Fund II.

– The raised capital will be utilized to expand the company’s team in Dakar and Nairobi and to reinforce its focus on sectors such as artificial intelligence-powered SaaS.

– Founded in 2020, P1 Ventures supports African startups, targeting repeat founders and experienced operators with validated products and scalable software business models.

African venture capital firm P1 Ventures, headquartered in the United States, has successfully concluded the second round of funding, securing $35 million for its Fund II.

The infusion of capital is earmarked for bolstering its team presence in Dakar and Nairobi while reinforcing its commitment to burgeoning sectors such as artificial intelligence-driven Software as a Service (SaaS), as outlined in an official statement.

Established in 2020, P1 Ventures is an early-stage venture capital fund dedicated to nurturing startups across Africa.

Its investment strategy focuses on backing seasoned entrepreneurs and proficient operators with validated products, alongside proven and sought-after software business models poised for scalability.

Having previously achieved an initial fund close of $25 million in September 2023, the firm is now striving to achieve a final fund close target of $50 million. 

Notably, the World Bank’s International Finance Corporation (IFC) has emerged as its inaugural public institutional investor, signaling a pivotal milestone for P1 Ventures. 

This collaboration with the IFC is anticipated to streamline access to growth capital for the firm’s early-stage technology ventures, facilitating business expansion and augmenting prospects for additional funding.