HomeCayman IslandsP1 Ventures Adds IFC as LP; Holds Second Close for Fund II,...

P1 Ventures Adds IFC as LP; Holds Second Close for Fund II, at $35M

P1 Ventures, a venture capital firm focused on investing in African startups, added World Bank’s International Finance Corporation (IFC) as a limited partner and held the second close of its second fund, at $35m.

With this close, P1 Ventures is expanding its team in Dakar and Nairobi and is doubling down on sectors like AI-powered SaaS in which Africa has strong economic advantage.

The IFC partnership will enable P1’s early-stage tech entrepreneurs to access growth capital, and expand their operations. It will also enable P1 to double down on the sectors in which Africa has vast untapped potential and strong economic advantage, such as fintech and AI-powered SaaS.   

Led by co-founders and Managing Partners Hisham Halbouny, and Mikael Hajjar, P1 Ventures invests in founders leveraging emerging technologies, such as Generative AI, to disrupt mainstream industries, from healthcare to retail and agriculture. It’s particularly focused on backing repeat founders and experienced operators that have validated products, proven and in-demand software business models that can scale up capital-efficiently, and which have early traction with customers. The portfolio includes Yassir in Algeria, savings app MoneyFellows in Egypt, employee healthcare platform Reliance Health in Nigeria, consumer challenger neobank neobank in Ivory Coast and Morocco’s ecommerce and fintech app Chari.