Pan-African VC firm P1 Ventures bags $35m in latest fund close

Daba Finance/Pan-African VC firm P1 Ventures hits second close of fund at $35m

BREAKING NEWSMarch 20, 2024 at 3:28 PM UTC

TLDR

P1 Ventures secures $35 million in capital for its second fund, targeting a total of $50 million by final close.
International Finance Corporation (IFC) joins as inaugural public institutional investor for P1 Ventures.
P1 Ventures to expand presence in key African markets like Dakar and Nairobi, focusing on AI-powered SaaS sector.

US-based and pan-African venture capital fund P1 Ventures has reached the second close of its second fund, securing $35 million in capital. The fund aims to reach a total of $50 million by its final close.

The VC firm welcomed the International Finance Corporation (IFC) as its inaugural public institutional investor. Established in 2020, P1 Ventures focuses on addressing the funding gap encountered by African entrepreneurs in the early stages of their ventures.

With this recent fundraising milestone, P1 Ventures plans to bolster its presence in key African markets, including Dakar and Nairobi, and intensify its investments in sectors such as AI-powered Software as a Service (SaaS).

Key Takeaways

This latest achievement follows P1 Ventures' initial close of $25 million in September 2023, signaling growing investor confidence in the fund's mission and its potential to drive innovation and economic growth across the African continent. Among the notable startups in P1 Ventures' investment portfolio is Algeria's leading mobility and logistics platform, Yassir; Egypt's innovative savings app, Money Fellows; Nigeria's pioneering employee healthcare platform, Reliance Health; and Chari, an e-commerce and fintech app targeting Francophone markets.

P1 Ventures

IFC

Venture Capital

Venture Funding

Startups

SaaS