The pan-African seed venture capital fund, P1 Ventures, has completed the first $25 million close of its second fund to invest in software startups.
P1 Ventures’ new fund will build on the success of the first fund as well as the huge opportunity in Africa’s startup tech sector, it said in a statement on Tuesday.
Since it launched in 2020, P1 Ventures has invested in 29 early-stage companies across 10 countries including Money Fellows in Egypt, and Reliance Health in Nigeria where P1 has a presence.
The firm’s first investment was in Yassir in Algeria, a super-app operating in Francophone Africa, which recently announced the closing of $150 million in a Series B funding round.
More recently, P1 Ventures led the seed round of Gameball, a software company gamifying loyalty and customer retention with an international client base across 70 countries.
(Writing by Brinda Darasha; editing by Seban Scaria)