P1 Ventures, a Seed Venture Capital (VC) fund operating across Africa, has completed the second close of its second fund at $35 million, aiming to reach $50 million by the final close.
According to the company, this capital infusion aims to facilitate the expansion of its team and operational footprint into Dakar, Senegal, and Nairobi, Kenya.
In September 2023, the investment firm concluded its second fund at USD 25 million, securing investments from various industrial conglomerates, private enterprises, and general partners affiliated with global funds based in Europe and the United States.
🇲🇺 FUNDING | Mauritius P1 Ventures Closes $25 Million for its Second Fund
In September 2023, P1 Ventures led a $2 million pre-seed funding round to Kotani Pay, a Kenyan startup which offers crypto on-off ramps in several African countries.https://t.co/h0wlFJ0pE3 @VenturesP1… pic.twitter.com/n0ogEfKq3P
— BitKE (@BitcoinKE) October 3, 2023
P1 ventures also announced the inclusion of the World Bank’s International Finance Corporation (IFC) as its inaugural public institutional investor.
According to P1, this partnership underscores their joint commitment to bolstering Africa’s top entrepreneurial talents. Through the IFC’s involvement, P1 Ventures’ early-stage African tech startups will gain access to growth capital to scale their operations and attract subsequent funding rounds.
Currently the firm’s full portfolio of backed startups includes:
- Onepipe
- Lami
- RelianceHMO
- Verto
- Yodawy
- Amenli
- Chari
- Root
- Marketforce Africa
- Balaan Africa
- Yassir
- Kotani Pay
- Workpay
- Eksab
- Subsbase
- Paymee
- Djamo
- Gameball
- Moneyfellows
- Traction
The investment firm intends to utilize the funds to expedite its efforts in sectors such as AI-powered Software as a Service (SaaS), recognizing Africa’s substantial economic advantage in this domain.
In developed markets, job protectionism, legacy regulations, and infrastructure can hinder the mass adoption of technologies such as AI, especially in large industries. Emerging markets such as Africa instead often embrace such technologies at a faster pace, such as the continent’s fintech revolution. In the past few years, mobile money has bypassed the need for card infrastructure, resulting in Africa accounting for 48% of the world’s mobile money accounts in 2022.
– P1 Venures
P1 Ventures says it is dedicated to assisting entrepreneurs who harness emerging technologies, like generative AI, to revolutionize traditional sectors such as healthcare, retail, and agriculture. The firm prioritizes supporting seasoned founders and skilled operators with validated products and sought-after software models capable of efficient scaling.
Additionally, P1 Ventures places emphasis on ventures with early customer adoption.
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