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P1 Ventures Secures it’s First $50 Million Institutional Fund
P1 Ventures, a venture capital firm that supports early-stage businesses in Africa, has just announced that it has secured its first institutional fund with a total of $50 million. This exciting news comes as the firm has gained support from various investors, including large African companies, family offices, and major global venture capital firms.
Notably, the World Bank’s International Finance Corporation (IFC) is also backing this fund. P1 Ventures has brought on some well-known advisors to help guide its efforts, including Bernard Dalle from Index Ventures and Emil Michael, who was formerly the Chief Business Officer at Uber.
With this new fund in place, P1 Ventures now manages over $60 million in assets. The firm is fully committed to investing in bold African startups that show promise for growth and innovation. One of their significant investments includes co-investing with Accel in a major funding round for a Moroccan startup called Nuitee, which raised $48 million in its Series A funding.
What sets P1 Ventures apart from other investment firms is its unique approach to finding promising startups. They use advanced tools powered by artificial intelligence (AI) and maintain a large database that tracks 10,000 companies.
This helps them identify potential investment opportunities early on. Thanks to this strategy, P1 Ventures has already supported businesses that have created over 6,000 jobs across 20 countries and positively impacted more than 10 million lives.
P1 Ventures is also making strides in Francophone Africa, where several companies are thriving. Some of these include InstaDeep and Wave, along with their own portfolio company Nuitee.
In the past, P1 Ventures focused on backing startups that adapted successful global business models for the African market. For example, they invested in Yassir, a super app from Algeria that has attracted 8 million users, and Chari, which became the first Moroccan fintech company to reach a valuation of $100 million.
Now, however, P1 Ventures aims to go even further by helping African startups scale up and reach a global audience. They are particularly interested in companies working in AI.
This vision is already becoming a reality with their portfolio of ambitious companies making waves beyond Africa. For instance, Nuitee is an AI-powered hotel booking platform that is collaborating with major players like Hilton and Sabre.
Gameball from Egypt is another exciting company; it offers a gamified loyalty platform that serves over 3,000 customers around the world. Additionally, Salus from South Africa is making software deployment much easier, thanks to its founder who previously worked as a Chief Technology Officer at Konga.
Overall, P1 Ventures’ new $50 million fund and its focus on supporting innovative African startups signal an exciting future for entrepreneurship on the continent. With their commitment to helping businesses grow and compete globally, they are paving the way for more opportunities and advancements in various industries across Africa and beyond.
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