By Jericho [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons

P1 Ventures closes $50m fund to double down on “contrarian” African VC thesis

Early-stage, pan-African VC firm P1 Ventures has completed the final close of its first US$50 million institutional fund.

Founded by Mikael Hajjar and Hisham Halbouny, P1 Ventures describes itself as a “contrarian” VC firm, which partners with exceptional technology entrepreneurs at the early stage through value-added capital.

The firm manages more than US$60 million and has a portfolio of 34 companies across 10 different countries, and it has now welcomed African conglomerates, family offices, partners at global VCs, and the IFC, as investors in its new US$50 million fund.

“From game-changing fintech to pioneering AI applications, we’re uniquely positioned to identify opportunities and support their growth. 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,” said Hisham Halbouny, managing partner at P1 Ventures.

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Tom Jackson

Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.