ABUJA (Naija247news) – P1 Ventures LLC, a venture capital firm backed by Egyptian billionaire Mohamed Mansour and the World Bank’s private investment arm, is set to explore tech investment opportunities across Africa after closing its first $50 million institutional fund.
Thank you for reading this post, don't forget to subscribe!The firm will focus on emerging African tech hubs, with a significant portion of its capital directed towards Nigeria, South Africa, Egypt, and Kenya—four markets that collectively accounted for 67% of Africa’s $2.2 billion in equity funding deals in 2024, according to a Partech Partners report.
The firm also plans to deploy roughly 50% of its funds in French-speaking countries in North, West, and Central Africa, targeting startups with high-growth potential. “We believe that talent is distributed, but capital is not,” said co-founder and managing partner Hisham Halbouny, highlighting the firm’s commitment to bridging Africa’s funding gap.
P1 Ventures has developed an in-house data science tool to identify promising investment opportunities, maintaining a database of over 10,000 companies across the continent. The firm currently manages more than $60 million in assets and plans to focus on artificial intelligence, enterprise software, and fintech startups.
In recent years, Nigeria’s tech ecosystem has been a key attraction for global investors, and P1 Ventures is positioning itself to tap into its thriving fintech and digital innovation sector. The firm has already backed Ivorian fintech startup Djamo and participated in an Accel-led $48 million Series A round for Nuitée, a Moroccan hotel and travel infrastructure provider. It also supports Yassir, a super app originating from Algeria that offers ride-hailing, banking, food, and grocery delivery services.
Mansour, a major investor in P1 Ventures, chairs his family’s multibillion-dollar conglomerate, which operates McDonald’s Corp. restaurants and General Motors Co. dealerships in multiple markets. His family office has previously invested in global tech giants like Airbnb Inc. and Spotify Technology SA.
Other key investors in P1 Ventures include International Finance Corp. (IFC), pan-African telecommunications and financial services firm Axian Group Ltd., Anish Acharya (a general partner at Andreessen Horowitz), and Bernard Dalle (a former partner at Index Ventures).
With Nigeria’s rapidly growing digital economy, P1 Ventures’ investment strategy signals a major boost for the country’s startup ecosystem. The firm’s entry into the market aligns with broader efforts to expand AI, fintech, and enterprise solutions across Africa, positioning Nigeria as a key player in the continent’s evolving tech landscape.
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