P1 Ventures

P1 Ventures is a Cairo-headquartered venture capital firm co-founded by Hisham Halbouny and Mikael Hajjar, with $60 million raised across multiple funds. Fund II closed at $50 million in February 2025 with the IFC as a key backer, making it one of the largest early-stage vehicles focused on Africa's underserved and Francophone markets.

The "contrarian" label is central to P1's identity: the firm deliberately invests in markets and sectors that most Africa-focused VCs overlook. While the majority of African VC capital flows to Nigeria, Kenya, and South Africa, P1 has built a portfolio of 29 companies across 20 African countries, with particular depth in North Africa, Francophone West Africa, and low-income markets. This geographic diversity is not just a talking point, it is the core strategy.

The portfolio includes companies like Chari (the first Moroccan startup to reach a $100M valuation), Yassir (a super app serving 8M+ customers across North and West Africa), Reliance Health (employee healthcare platform), Djamo (consumer neobank in Ivory Coast), MoneyFellows (Egyptian savings app), and Nuitee (AI hotel booking, which raised a $48M Series A with Accel). P1 has also invested in AI-native companies like Nkoloso.ai and StakPak (AI-powered DevOps), signaling a growing focus on the intersection of AI and African markets.

Both managing partners are Kauffman Fellows, and the team includes venture partners with specific regional expertise: Nada Abdelnour, Ijeoma Arum (covering West Africa), and Kemi Tijani.