P1 Ventures Closes $50M Fund to Fuel Africa’s Next Wave of Innovation
P1 Ventures, a leading Pan-African early-stage venture capital firm, has successfully closed its first institutional fund at $50 million, securing backing from African conglomerates, family offices, global VC partners, and the World Bank’s IFC. The firm also benefits from the strategic expertise of Bernard Dalle, a founding member of Index Ventures, and Emil Michael, former Uber CBO who played a key role in its global expansion.
Now managing over $60 million in assets, P1 Ventures has built strong momentum, recently participating in its largest deal to date—co-investing with Accel in the $48 million Series A round for Morocco-based Nuitee. These milestones reinforce the firm’s bold investment philosophy and solidify its reputation as a major player in Africa’s venture ecosystem.
While global venture funding slows and many investors retreat from emerging markets, P1 Ventures is doubling down on Africa’s potential. Rather than chasing familiar business models in established hubs like Nigeria, Kenya, Egypt, and South Africa, P1 Ventures is betting on resilient, capital-efficient startups that are redefining industries.
African entrepreneurs today are laser-focused on execution, building high-growth ventures that challenge outdated models. P1 Ventures sees this moment as a unique opportunity to back founders creating game-changing solutions for the continent and beyond.
Africa’s Competitive Edge in AI and Fintech
Unlike developed markets, where legacy systems and regulatory barriers slow innovation, Africa is experiencing rapid adoption by necessity. The continent’s mobile-first economy has already made it a global leader in digital banking, with mobile money leapfrogging traditional payment infrastructure. Meanwhile, regulatory advances are paving the way for stablecoin adoption, further transforming financial services.
In artificial intelligence, automation is helping close Africa’s skills gap while making industries like healthcare, hospitality, and education more accessible and efficient. The shift toward pay-per-use models is also driving mass adoption of technology, creating scalable opportunities for entrepreneurs.
P1 Ventures’ first fund capitalized on these trends, backing Yassir, Algeria’s leading super app serving 8 million users, and Chari, Morocco’s first $100M fintech that secured a PSP license and acquired a bank.
As Africa’s tech ecosystem matures, P1 Ventures is looking beyond importing global models—it is backing startups that are exporting African innovation to the world. Leveraging AI-driven insights, the firm has built a proprietary database of 10,000+ Pan-African companies, allowing it to identify high-potential startups early and provide unmatched value to its portfolio.
With a track record of creating 6,000+ jobs across 20 countries and impacting over 10 million lives, P1 Ventures’ portfolio consistently attracts 35x follow-on capital per dollar invested. The firm is also expanding its reach into Francophone Africa, a region that has produced some of the continent’s biggest success stories, including InstaDeep, Wave, and Nuitee.
According to Hisham Halbouny, Managing Partner at P1 Ventures, the current market presents a golden era for African startups:
“Great companies are often built in tough times. Today’s founders are more frugal, focused, and realistic about valuations. We believe this may be the greatest vintage ever.”
Mika Hajjar, Managing Partner, added:
“We have strong conviction that billions of dollars in value will be created by global companies ‘Made in Africa.’ From Dakar to Nairobi, Cairo to Cape Town, founders are proving that Africa is not just solving its own challenges—it’s creating blueprints for the world.”
With a bold vision and a growing portfolio of category-defining startups, P1 Ventures is shaping the future of African innovation—one investment at a time.
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