P1 Ventures Closes $50M Fund to Expand African Startup Investments

STARTUP VENTURE CAPITALFebruary 20, 2025 at 3:19 PM UTC

TLDR

Pan-African early-stage VC firm P1 Ventures has closed its first institutional fund at $50 million
It received backing from African conglomerates, family offices, and global partners, including the World Bank’s IFC
The firm, founded in 2020, focuses on high-growth startups beyond Africa’s traditional tech hubs

Pan-African early-stage VC firm P1 Ventures has closed its first institutional fund at $50 million, attracting backing from African conglomerates, family offices, and global partners, including the World Bank’s IFC. The firm, founded in 2020, focuses on high-growth startups beyond Africa’s traditional tech hubs.

P1 Ventures recently co-invested with Accel in Moroccan AI-powered hotel booking platform Nuitee’s $48 million Series A, its largest deal to date. With over $60 million in assets under management, P1 Ventures has previously backed Algerian super app Yassir and Moroccan fintech Chari.

P1 Ventures’ fund launch signals growing confidence in Africa’s tech ecosystem despite a funding slowdown. The firm’s AI-driven investment strategy, tracking over 10,000 startups, enables it to identify scalable opportunities in AI and fintech.

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Key Takeaways

By backing startups like Egypt’s StakPak and South Africa’s Salus, P1 Ventures supports African companies expanding globally. Its portfolio has generated over 6,000 jobs and raised 35x follow-on capital per dollar invested. With experienced advisors, including Index Ventures’ Bernard Dalle and former Uber CBO Emil Michael, the firm is well-positioned to drive Africa’s next wave of venture growth. As execution-focused founders emerge, P1 Ventures sees billions in untapped value across the continent.

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