P1 Ventures, a leading pan-African seed venture capital firm, has successfully raised $35 million for its second fund, marking a significant milestone in its mission to support innovative African startups. This investment will fuel the firm’s expansion, with new offices opening in Dakar, Senegal, and Nairobi, Kenya.
The firm plans to strategically deploy these funds to accelerate growth in sectors with high potential, particularly those leveraging artificial intelligence (AI) and software-as-a-service (SaaS). Notably, the World Bank’s International Finance Corporation (IFC) has joined as a key investor, signaling strong institutional support for P1 Ventures’ investment strategy.
This investment comes at a crucial time when global venture capital funding is declining, and many foreign investors are withdrawing from the African market. P1 Ventures, however, continues to attract significant investor interest, demonstrating the continued potential of the African tech ecosystem.
Founded by Mikael Hajjar and Hisham Halbouny, P1 Ventures focuses on supporting exceptional African entrepreneurs with high-growth potential. The firm prioritizes companies that leverage emerging technologies like generative AI to disrupt traditional industries across sectors such as healthcare, banking, retail, and agriculture.
P1 Ventures has a proven track record of success, with its portfolio companies demonstrating impressive year-over-year revenue growth. The firm’s unique approach emphasizes supporting seasoned entrepreneurs with validated business models and a strong focus on generating early traction and attracting follow-on investment.
This investment will enable P1 Ventures to continue identifying and supporting exceptional African startups, including companies like Yassir in Algeria, Money Fellows in Egypt, Reliance Health in Nigeria, and Chari across Francophone Africa.
