P1 Ventures, a venture capital firm backed by Egyptian billionaire Mohamed Mansour and the World Bank’s private investment arm, has closed its first $50 million institutional fund, aiming to expand investments beyond Africa’s biggest markets.
Why it matters
While Nigeria, South Africa, Egypt, and Kenya dominate Africa’s VC scene, P1 Ventures is allocating half of its new fund to emerging hubs in North, West, and Central Africa, especially in French-speaking nations.
By the numbers
- Africa’s “big four” markets attracted 67% of the continent’s $2.2 billion in equity funding deals in 2024, per Partech Partners.
- P1 Ventures has over $60 million in assets under management.
- Its in-house data science tool tracks more than 10,000 African startups.
What they’re saying:
“We believe that talent is distributed but capital is not,” said co-founder Hisham Halbouny.
The big picture
P1 Ventures is focusing on AI, enterprise software, and fintech startups. It has backed companies like:
- Nuitée: A Morocco-originated travel infrastructure provider that raised $48 million in a Series A round led by Accel.
- Yassir: An Algerian super app offering ride-hailing, banking, and delivery services.
- Djamo: An Ivorian fintech startup.
Between the lines
Mansour’s investment marks a shift in his portfolio, which has previously backed global giants like Airbnb and Spotify.
The bottom line
With heavyweight investors like Axian Group, Andreessen Horowitz’s Anish Acharya, and Index Ventures’ Bernard Dalle, P1 Ventures is betting big on Africa’s next wave of tech innovation.
Source: Financial Post
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