P1 Ventures Secures $50M to Fund Africa’s Next Tech Wave
P1 Ventures, a leading African venture capital firm, has successfully closed its first $50 million institutional fund, marking a major milestone in its mission to back high-growth startups beyond Africa’s traditional tech hubs. The fund has attracted investments from African conglomerates, family offices, and global partners, including the World Bank’s International Finance Corporation (IFC).
With senior advisors like Bernard Dalle (Index Ventures) and Emil Michael (former Uber Chief Business Officer), the VC firm is strengthening its strategic expertise to drive innovation across the continent.
AI & Fintech – Africa’s Emerging Power Sectors
P1 Ventures is making bold moves in AI and fintech, seeing automation and mobile-first solutions as Africa’s next big bets. The venture firm’s recent co-investment with Accel in Moroccan AI-powered hotel booking platform Nuitee’s $48M Series A signals its commitment to scalable AI-driven businesses.
Some of the firm’s most successful investments include:
- Algeria’s super app Yassir – Now with 8 million users and a $150M Series B
- Moroccan fintech Chari – The first Moroccan startup to achieve a $100M valuation and banking license
- Egypt’s AI-powered DevOps platform StakPak – Driving innovation in cloud computing
- South Africa’s software deployment firm Salus – Expanding African software solutions globally
P1 Ventures with a Track Record of Success
With over $60M in assets under management, P1 Ventures has proven its ability to identify game-changing startups and support them in scaling globally. The firm’s portfolio has collectively:
- Created over 6,000 jobs
- Attracted 35x follow-on capital per dollar invested
- Tracked over 10,000 startups using AI-driven deal sourcing
Despite Africa’s recent funding slowdown, P1 Ventures remains bullish about the future. The firm believes that capital-efficient, execution-focused founders are building the next wave of globally competitive African startups.
African Innovation, Global Reach
Managing partners Hisham Halbouny and Mika Hajjar see this era as a defining moment for African startups. With AI and fintech driving economic transformation, billions of dollars in value are waiting to be unlocked.
By backing high-potential founders in underrepresented markets, P1 Ventures is shaping the future of African tech on the global stage.
