US-based African venture capital (VC) firm P1 Ventures has completed the second close of $35 million for its Fund II.

With the raised capital, the company intends to expand its team in Dakar and Nairobi and proceed with plans to double down on sectors like artificial intelligence-powered SaaS, according to a statement.

Founded in 2020, P1 Ventures is an early-stage VC fund that seeks to support African start-ups. It targets repeat founders and experienced operators with validated products, as well as proven and in-demand software business models that have the potential to scale up.

The company had previously completed the first close of its fund at $25 million in September 2023. It aims to reach $50 million by the final close.

The firm also said that the World Bank’s International Financial Corporation (IFC) has become its first public institutional investor.

It said its partnership with IFC will make it easier for its early-stage tech entrepreneurs to access growth capital, as well as expand their business and attract further funding.

(Writing by Cleofe Maceda; editing by Seban Scaria)