The fund will invest in early-stage software startups across Africa, with a focus on fintech, e-commerce, healthtech, SaaS, and AI.

P1 Ventures was founded in 2020 by Mikael Hajjar and Hisham Halbouny, both of whom have extensive experience investing in and operating businesses in Africa.

The firm has a strong track record, having already invested in 29 early-stage companies across 10 countries, including Money Fellows in Egypt and Reliance Health in Nigeria.

The firm’s second fund is backed by a global group of investors, including institutional investors, family offices, and high-net-worth individuals.

The fund’s first close is a significant milestone, and it demonstrates the strong investor interest in Africa’s rapidly growing startup ecosystem.

P1 Ventures is a highly selective investor, and it takes a high-conviction approach to investing.

The firm typically invests between $500,000 and $2 million in early-stage startups, and it provides its portfolio companies with access to its deep network of mentors and advisors.

The firm’s investment in Africa’s startup ecosystem is timely, with the continent priding itself on the youngest and fastest-growing population in the world.

This presents a significant opportunity for software startups that can address the needs of Africa’s growing population and middle class.

The first close of P1 Ventures’ second fund is a positive development for the African startup ecosystem.

It demonstrates that global investors are increasingly interested in investing in early-stage software startups in Africa.