P1 Ventures, an early-stage venture capital firm, has successfully closed its inaugural institutional fund, raising an impressive $50 million dedicated to investing in promising technology startups throughout Africa. Co-founded by Mikael Hajjar and Hisham Halbouny, P1 Ventures distinguishes itself as a contrarian VC firm with a mission to empower early-stage tech entrepreneurs through not only strategic funding but also comprehensive mentorship.
The firm’s approach is designed to nurture innovative ideas and help founders navigate the complexities of building successful businesses. With a robust portfolio that now includes 34 companies across 10 countries, P1 Ventures has garnered investment from a diverse array of backers. This includes notable African conglomerates, family offices, global venture capital partners, and the International Finance Corporation (IFC), reflecting a strong belief in the potential of African technology ventures.
As a result of this successful fundraising, P1 Ventures’ total assets under management have surpassed $60 million, underscoring its commitment to fostering innovation across the continent. The firm has strategically invested in startups across various sectors, including fintech and artificial intelligence (AI), with a keen focus on businesses that are well-positioned for significant growth and impact.
Hisham Halbouny, managing partner at P1 Ventures, expressed confidence in the firm’s unique position to identify and support high-potential opportunities. “From game-changing fintech solutions to pioneering AI applications, we’re uniquely positioned to identify opportunities and support their growth,” he stated.
Halbouny further emphasized the resilience of today’s founders, noting;
Great companies are often built in tough times, and today’s founders are more frugal, focused, and realistic about valuations. We believe this may be the greatest vintage ever.
With the launch of this latest fund, P1 Ventures is poised to play a crucial role in shaping the future of Africa’s tech landscape. By supporting visionary founders, the firm aims to facilitate the scaling of innovative businesses across the continent, ultimately contributing to the region’s economic growth and technological advancement.
