Google has announced its latest AI model, Gemini 1.0, which appears to be one of the most capable artificial intelligence models. As Google figures…
P1 Ventures, the Pan-African Seed VC fund, has successfully closed the first round of funding for its second fund, totalling $25 million. Founded in 2020, it has swiftly risen as a prominent player in the continent’s start-up ecosystem, focusing on transformative software businesses across fintech, e-commerce, healthtech, SaaS, and AI.
With a vision to empower African entrepreneurs, Mikael Hajjar, founder and general partner of P1 Ventures, stated, “We love ambitious African founders that build products and services addressing a regional, if not global, customer base. Combining our deep local knowledge, our strong data orientation, and our experience as investors, we can identify unique opportunities and help entrepreneurs become global winners.”
P1 Ventures’ success story is underscored by its unique ability to secure “35 times more follow-on capital for every dollar invested,” remarked Hisham Halbouny, co-founder and general partner of P1 Ventures. This impressive feat, achieved despite the global dip in venture capital funding, highlights the firm’s hands-on approach and its commitment to supporting entrepreneurs beyond mere financial assistance.
Emphasising the potential of artificial intelligence in Africa, P1 Ventures has strategically invested in start-ups like Nkoloso, which utilises AI and satellite imagery to transform agriculture. According to Hajjar, “AI can build high-fidelity data and enhance the time-to-value proposition to transform sectors.”
Senior advisory committee member Bernard Dalle expressed enthusiasm for P1 Ventures’ role in nurturing African innovation, stating, “Innovation across the African continent is booming, and P1 is ideally positioned to help African entrepreneurs at the earliest stages build valuable and enduring businesses.”
Africa’s start-up ecosystem has witnessed unprecedented growth, with VC funding in the region reaching almost $6 billion in the past year alone. P1 Ventures’ new fund aims to capitalise on this momentum, recognising the continent’s potential amidst forecasts indicating a surge in consumer spending and rapid urbanisation.