Following a successful first fund that invested $11 million in 29 early-stage ventures primarily focused on e-commerce, fintech, insurtech, health tech, and SaaS industries, P1 Ventures, a pan-African venture capital firm has now reached the first close of its new $50 million fund at $25 million.

Its mission? To support emerging startups and tech innovation across the African continent.

Through its second fund, the VC firm will continue to focus on key sectors like e-commerce and fintech, and expand its scope to include artificial intelligence (AI) startups.

One of its initial AI investments was in, a Senegalese startup that utilizes satellite imagery and AI to manage large tracts of agricultural land efficiently through its recently launched Entrepreneur In Residence program. is one of two AI startups and five portfolio companies the Dubai–based venture capital firm has backed from its second fund.

Through the Entrepreneur In Residence program, P1 Ventures plans to incubate four more startups over the next four years headed by promising founders capable of achieving product-market fit and scaling the product.

While the firm typically focuses on seed-stage investments, it prides itself as a multistage fund occasionally participating in Series A and B rounds when opportunities align with its strategy.

Since its launch in 2021, its investment portfolio includes startups like African super app platform, Yassir; Egyptian fintech, MoneyFellows; Moroccan B2B e-commerce platform, Chari; Egyptian CRM platform, Gameball; and health tech company Reliance Health.

P1 Ventures' impressive portfolio demonstrates its commitment to fostering innovation and tech entrepreneurship in Africa while providing valuable support to startups in various sectors, including the exciting world of artificial intelligence.

The substantial financial backing comes from several of Africa's industrial conglomerates, private companies, fund of funds, and general partners of global funds based in the U.S. and Europe.