P1 Ventures

P1 Ventures is a prominent early-stage venture capital firm dedicated to fostering the growth of technology startups across Africa. Co-founded by Mikael Hajjar and Hicham Oudghiri, the firm is headquartered in San Francisco but maintains a deep operational focus on the African continent, particularly Sub-Saharan Africa and francophone regions. P1 Ventures specializes in pre-seed and seed-stage investments, aiming to identify and support promising companies that are building scalable solutions for the African market. Their investment thesis spans critical sectors such as fintech, e-commerce, logistics, health tech, and enterprise software, reflecting the diverse and rapidly evolving digital landscape of Africa.

The firm has demonstrated a clear commitment to the African tech ecosystem through its successive funds. P1 Ventures successfully raised its first fund, Fund I, totaling $10 million, which allowed them to establish a strong initial portfolio. Building on this momentum, they announced the first close of their second fund, Fund II, at $25 million in March 2023, with an ambitious target of reaching $50 million. This capital enables P1 Ventures to deploy initial cheques typically ranging from $500,000 to $1.5 million, providing crucial early-stage funding to nascent companies. Beyond initial investments, P1 Ventures is also prepared to offer significant follow-on capital, potentially investing up to $3 million in subsequent rounds to support their portfolio companies' continued growth and expansion.

P1 Ventures distinguishes itself not only by its capital deployment but also by its hands-on approach and extensive network. The firm actively supports its portfolio companies with strategic guidance, operational expertise, and access to a broad network of mentors, partners, and follow-on investors. Their portfolio includes notable African tech innovators such as Yassir, a super app; Stitch, an API-based payments infrastructure provider; Chari, an e-commerce and fintech platform; and Djamo, a financial services app. This strategic support is designed to help startups navigate the complexities of scaling across diverse African markets and, eventually, globally.

By focusing on early-stage industrial technology firms in Africa, P1 Ventures plays a vital role in de-risking and professionalizing the continent's burgeoning tech scene. Their commitment to providing both capital and strategic resources positions them as a key enabler for the next generation of African tech giants, contributing significantly to economic development and innovation across the continent.