This funding will allow them to expand their presence in Dakar, Senegal, and Kenya while focusing on high-growth sectors like AI-powered Software as a Service (SaaS).

The World Bank’s International Finance Corporation (IFC) joins P1 Ventures as its first public institutional investor.

This partnership aims to bridge the gap for early-stage African tech startups seeking growth capital for expansion and attracting further investment.

“We are excited to welcome the IFC as a key partner in our mission to empower Africa’s most promising entrepreneurs,” said a spokesperson for P1 Ventures.

“This investment demonstrates confidence in the African tech ecosystem, especially at a time when global venture capital is tightening.”

P1 Ventures is a pioneer in utilizing AI for deal sourcing, having hired its first data scientist in 2023. This approach allows them to identify promising talent and startups across the continent.

The firm is particularly interested in founders leveraging cutting-edge technologies like generative AI to revolutionize core industries like healthcare, finance, retail, and agriculture.

Founded in 2020, P1 Ventures focuses on backing experienced entrepreneurs with proven business models and strong software solutions.

Their strategy boasts a successful track record, with their portfolio companies raising 35 times more follow-on capital for every $1 invested by P1.

“We are committed to fostering a diverse portfolio that represents the vast potential of African innovation,” the spokesperson added.

“Unlike traditional investors concentrated in established markets, P1 Ventures actively seeks to support ventures across the continent.”

P1 Ventures’ current portfolio includes Yassir, an Algerian mobility platform, Money Fellows, an Egyptian savings app, Reliance Health, a Nigerian employee healthcare platform, and Chari, a Francophone-focused e-commerce and fintech app.