P1 Ventures Secures $35 Million for Second Fund
The investment firm plans to use the funds to accelerate its work in AI-powered software.
US-based and pan-African VC fund P1 Ventures has secured $35 million for its second fund.[1]
With the completion of Fund II's second close, P1 Ventures has welcomed the World Bank’s International Finance Corporation (IFC) as its first public institutional investor.
Mikael Hajjar and Hisham Halbouny founded P1 Ventures in 2020 with the goal of bridging the financing gap that faces African business owners.
Unlike the majority of foreign investment, which tends to concentrate on Africa's key markets, such as Kenya, Nigeria, Egypt, and South Africa, P1 Ventures boasts a diverse portfolio sourced from all corners of Africa.
Its recent investments include startups like Yassir in Algeria, MoneyFellows in Egypt, Reliance Health in Nigeria, neobank in Ivory Coast, and Chari in Morocco.
The investment firm plans to use the funds to accelerate its work in sectors like AI-powered Software as a Service (SaaS).
The firm prioritizes backing experienced operators with validated products and scalable business models, resulting in success metrics including a significant increase in follow-on capital and tripled revenues for Fund II portfolio companies.