(Ecofin Agency) - Since its launch three years ago, P1 Ventures has backed nearly 30 African startups. Now, it wants to expand its financing activity, with a focus on startups that use AI. 

On September 26, venture capital firm P1 Ventures announced the first close of its second investment fund at $25 million. 

The company said it would invest the funds in various businesses, especially those that use AI to develop. 

“We believe that AI will be Africa’s next big leapfrog opportunity. So when you think of how fintech transformed the continent and allowed it to disrupt the banking sector, we believe AI will do the same with sectors like retail, healthcare, and the creative economy,” said Hisham Halbouny, co-founder and general partner of P1 Ventures. The venture capital firm has already invested in five companies via its second fund. One of the companies is Nkoloso.ai, a startup that collects data and monitors large tracts of farmland using satellite imagery and AI.

P1 Ventures’ second fund could reach its final close in 2024. The firm was co-founded three years ago by Mikael Hajjar and Hisham Halbouny, who used to work at Google and Man Capital, respectively. Since then, the company has supported 29 startups across 10 African countries.

Chamberline Moko