Egypt’s P1 Ventures Raises USD 50 M, Eyes AI & Fintech As Africa’s Next Big Bets

P1 Ventures, a Pan-African early-stage VC, has closed its first USD 50 M institutional fund, attracting investments from African conglomerates, family offices, and global partners, including the World Bank’s IFC. Senior advisors include Index Ventures’ Bernard Dalle and former Uber CBO Emil Michael.

The Egypt-born firm established in 2020, known for its contrarian investment approach, continues to back high-growth startups beyond Africa’s traditional tech hubs. P1 Ventures recently co-invested with Accel in its largest-ever deal—Moroccan AI-powered hotel booking platform Nuitee’s USD 48 M Series A. The VC firm sees vast opportunities in Africa’s AI and fintech sectors, where mobile-first solutions and automation are driving innovation.

With over USD 60 M in assets under management, P1 Ventures has built a strong track record, previously backing Algerian super app Yassir (now with 8 million users and a USD 150 M Series B) and Moroccan fintech Chari (the first Moroccan company to secure a USD 100 M valuation and banking license).

Despite Africa’s recent funding slowdown, P1 Ventures remains bullish, believing that today’s capital-efficient, execution-focused founders are building the next generation of globally scalable companies. The firm leverages AI-driven deal sourcing, tracking 10,000+ companies, and has helped its portfolio create over 6,000 jobs and raise 35x follow-on capital per dollar invested.

By investing in startups like Egypt’s AI-powered DevOps platform StakPak and South Africa’s software deployment firm Salus, P1 Ventures is doubling down on companies that are not just solving local challenges but also exporting African innovation to the world. Managing partners Hisham Halbouny and Mika Hajjar see this era as a defining moment for African startups, with billions of dollars in value waiting to be unlocked.