P1 Ventures closes $35 million for its second fund

P1 Ventures, A San Fransisco based VC firm secures $35 million for its second fund, attracting the World Bank's International Finance Corporation (IFC) as its first public investor.

P1 Ventures focuses on backing African startups, bridging the funding gap and expanding beyond the usual investment hotspots. It boasts a diverse portfolio including Yassir, MoneyFellows, Reliance Health, and Chari.

The IFC partnership aims to ease access to growth capital for P1's tech entrepreneurs and strengthen sectors like fintech and AI-powered software as a service (SaaS).

P1 Ventures sees vast potential in Africa's emerging markets, where adoption of technologies like AI outpaces developed counterparts. Its strategy includes supporting founders using AI to disrupt sectors like healthcare and retail.

The firm's investment thesis has seen impressive returns, with portfolio companies tripling revenues year-on-year.

To enhance its capabilities, P1 Ventures integrates AI into its processes, aiming to identify promising opportunities more efficiently and lead in AI-powered deal flow on the continent.

IFC's investment aims to boost inclusive economic growth across Africa and strengthen venture capital ecosystems, particularly in underserved markets.