$50 M fund closed by P1 Ventures to further its contrarian African VC thesis
The final close of P1 Ventures’ first US $50 million institutional fund was completed. P1 Ventures is an early-stage, pan-African venture capital firm.
P1 Ventures, a “contrarian” venture capital firm founded by Mikael Hajjar and Hisham Halbouny, provides value-added capital to outstanding technology entrepreneurs in their early stages of development.
African conglomerates, family offices, partners at international venture capital firms, and the IFC have joined the firm, which currently manages over US $60 million and has 34 companies in ten different countries, 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.
