P1 Ventures, an early-stage pan-African venture capital firm, has successfully closed its first institutional fund at $50 million, aiming to bolster technology startups across the continent. The fund has attracted investments from African conglomerates, family offices, global venture capital partners, and the International Finance Corporation (IFC). Notable senior advisors include Bernard Dalle, a founding member of Index Ventures, and Emil Michael, former Chief Business Officer at Uber.
With total assets under management now exceeding $60 million, P1 Ventures is intensifying its focus on a “contrarian” investment approach. This strategy involves identifying and supporting resilient African entrepreneurs who are developing capital-efficient, high-growth businesses, even as global venture funding experiences a downturn.
Managing Partner Mika Hajjar expressed strong confidence in the potential of African-founded companies to create significant global value. He noted that entrepreneurs from cities like Dakar, Nairobi, Cairo, and Cape Town are combining local insights with global ambitions, crafting models that offer lessons to the rest of the world.
P1 Ventures employs a data-driven investment methodology, utilizing proprietary AI-powered tools and a database of approximately 10,000 pan-African companies to identify promising startups early. This approach has led to investments in diverse sectors, including fintech and artificial intelligence. Notable portfolio companies include Morocco’s Nuitee, an AI-driven hotel booking platform; Egypt’s Gameball, a gamified loyalty and customer engagement platform; South Africa’s Salus, a one-click software deployment solution; and Egypt’s StakPak, an AI copilot for non-DevOps engineers.
Managing Partner Hisham Halbouny highlighted that great companies often emerge during challenging times, with current founders demonstrating increased frugality, focus, and realistic valuations. He believes this period may represent one of the most promising vintages for investment.
This fund closure underscores P1 Ventures’ commitment to empowering African entrepreneurs and scaling innovative solutions from the continent to the global stage.
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