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P1 Ventures Announces the Second Close of its Second fund at $35 Million

By Oluchukwu Ikemefuna

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P1 Ventures, an African Seed Venture Capital (VC) fund, has reported the close of its $35 million fund to extend its capacity, teams, and operations to Dakar, Senegal, and Nairobi, Kenya. This fund is the second fund the company has closed.

P1 Ventures

In September 2023, the venture capital closed its second fund at $35 million, raising capital from several industries, private companies, and general partners of Europe and United States-based global funds.

About P1 Ventures

P1 Ventures was founded by General Partners, Mikael Hajjar and Hisham Halbouny in 2020. It is an investment firm on a path to produce and support the best African entrepreneurs by closing the capital gap that restricts African startup growth. 

The company seeks to back founders leveraging emerging technologies like generative AI to reimagine mainstream industries, from healthcare and banking to retail and agriculture. They look for promising companies and invest in them for a greater outcome.

The P1 teams are seasoned investors who have the best strategy to handle various sectors, ranging from technology to healthcare. They provide the best insights and guidance to the startups they invest in. 

P1 Ventures Partnership With IFC

The company, aiming to reach $50 million by the final close of this fund, stated that it has welcomed the World Bank’s International Finance Corporation (IFC), its first public institutional investor, to join its mission to support Africa’s best entrepreneurial talents. 

The International Finance Corporation’s (IFC) partnership will assist P1’s early-stage tech startups in obtaining growth capital to expand operations and attract follow-up funding. The partnership can also provide the startups with the necessary financial support that is needed for their growth.

The collaboration will lead to economic growth and development, create more job opportunities for the youths, and foster the innovation spirit that Africa needs to emerge as a giant in every sector. 

Benefits Of P1 Ventures and IFC Collaborations To African Startups 

The investment firm plans to use the funds to develop and hasten its work in sectors like AI-powered Software as a Service (SaaS), where it believes Africa has a significant economic advantage. The firm will also provide more relevant startup guidance, financial support, and access to its network so they can thrive.

This partnership with IFC comes after P1 Ventures hired its first in-house data scientist last year to lead its attempt at innovative AI-powered deal sourcing for deal flow and talent across the continent. The company claims that the initiative is the first of its kind for African investors.

Conclusion

Finally, the company, which claims that its Fund II startups have grown their income threefold year on year, is attracting this mouth-watering investment at a time when world venture capital is packing up and foreign investors are withdrawing from the continent. It is a great achievement on the path of the investment firm.

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

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