Kenyan tourism-focused venture studio Purple Elephant Ventures raised $4.5 M Seed funding
Purple Elephant Ventures (PEV), a tourism-focused venture studio based in Nairobi, has raised US $4.5 million in seed funding to further its goal of developing innovative travel technology that will make the continent a global leader in regenerative tourism.
PEV was founded by serial entrepreneur Mikul Shah, the founder of EatOut Africa; Jan Van der de Willebois, a former investment banker at Dyer & Blair; and CEO Ben Peterson, a former senior partner at AHL Venture Partners. The company plans to launch three or four startups annually.
With PEV startups often offering scalable, tech-first solutions that accelerate pressing efforts to make Africa’s tourism sector more resilient and sustainable in the face of climate change, the aim is to steer the continent’s tourism sector towards a greener future.
The US $4.5 million seed round, which includes Clear Creek Investment B.V., Klister Corp., Fede Pirzo-Biroli (founder of Playfair Capital), Anthony Rock, and Ian McCaig (former CEO of Lastminute.com), follows PEV’s US $1 million pre-seed round from October 2022.
PEV has founded five significant startups in a short period of time, all of which fill important gaps in the hospitality industry. They are PowerTrip, Zafari, Kijani Supplies, Nomad Africa, and JOIN Africa. PEV maintains ownership and self-funds its startups, in contrast to traditional venture studios, guaranteeing alignment with its long-term goal of advancing tourism innovation funding and generating transformative impact throughout Africa.
PEV will be able to expand its portfolio of startups and start new businesses aimed at solving the most important issues facing the sector thanks to the US $4.5 million.
“This funding is a testament to the untapped potential in African tourism innovation,” said Ben Peterson, co-Founder and CEO of Purple Elephant Ventures. “With this support, we’re poised to revolutionise the industry through groundbreaking travel technology in Africa, fostering economic growth while preserving the continent’s incredible natural and cultural heritage. The future of sustainable tourism in Africa has never been brighter.”
