Global Ambitions, Local Talent: On P1 Ventures' African Tech Mission
AVCA - The African Private Capital Association
We champion diverse sources of private capital in Africa, through training, events, research, and advocacy.
In this episode of The AVCA Podcast, M. Mikael Hajjar , Co-Founder and Managing Partner at P1 Ventures , discusses how his firm combines global expertise, local knowledge, and data-driven insights to back exceptional founders in Africa. Since 2020, P1 Ventures has deployed US$50mn across 34 companies, including notable investments in Yassir (Algeria) and Raenest (Nigeria). From investing during the COVID-19 mobility crisis to identifying untapped opportunities in markets like Morocco, Mika offers a compelling perspective on building category-defining companies from the continent.
Q: P1 Ventures takes a distinctive approach to early-stage investing in Africa. What drives your investment philosophy?
Mika:
“Our purpose is to be the partner of choice for African technology founders. The way we approach investments is team, market, product—in that order. On the team side, we spend significant time assessing entrepreneurial talent. You need to have an unfair advantage, combined with patience and resilience, to build businesses on the continent. That’s what we look for in founders.”
Q: How does your global experience influence P1 Ventures' investment philosophy?
Mika:
“In a previous life, we were investors in category-defining businesses like Uber. We also had advisors who scaled Uber from just one or two cities in the US to over 45 countries globally. That global institutional knowledge has been instrumental in how we assess opportunities in Africa. For example, it informed our early investment in Yassir in Algeria during the COVID-19 mobility crisis, when others doubted the potential of mobility businesses.”
Q: What excites you most about Africa’s tech future?
Mika:
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“What excites me most is the business models that are built in Africa for the world. The next generation of founders is creating impact locally while building global businesses. Over the next decade, I hope to see the number of category-defining companies built from Africa to the world exceed those led by African founders based outside the continent. That would create lasting jobs and opportunities at home.”
Q: How do you identify opportunities beyond major hubs?
Mika:
“We want to catch talent wherever it is. Morocco, for example, is one of the top five economies on the continent but hasn't traditionally been a top destination for venture capital dollars. When we started investing there in 2020, the ecosystem was still developing. Just last December, we announced one of our largest investments ever in a Series A company called Nuitée.”
Editor's note: AVCA's 2023 Venture Capital Activity in Africa report shows Morocco rising to become the 5th leading destination for VC deal activity in 2023, up from 7th place in 2021, validating P1 Ventures' early conviction in the market.
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