U.S.-based African venture capital firm P1 Ventures has concluded its second funding round, securing $35 million for Fund II. The raised capital is designated to expand team presence in Dakar and Nairobi, focusing on sectors like AI-powered SaaS. Founded in 2020, P1 Ventures supports African startups with validated products and scalable software models.
The firm aims to reach a final fund close of $50 million, with the World Bank’s International Finance Corp as its inaugural public institutional investor, facilitating access to growth capital for early-stage technology ventures.