While global venture capital funding, as measured by Pitchbook, is down 48% in the first half of 2023 compared to the previous year, Mikael Hajjar, co-founder of Africa-focused venture capital firm P1 Ventures argues that now is the time to invest. He believes in investing before the hype, or when the markets are down.
P1 Ventures has backed 29 start-ups since 2020, the year co-founders Mikael Hajjar and Hisham Halbouny established the company. They both used to run businesses and later became venture capitalists. Halbouny has experience in healthcare and consumer finance, while Hajjar has a background in clean tech and climate solutions. Recently, P1 Ventures announced the US$25 million first close of its second fund.
The company prides itself on its contrarian investment philosophy – invest when, where and in companies that other investors won’t necessarily consider. In a recent interview with Jeanette Clark, Hajjar highlighted five sectors where the firm sees opportunities.
Source: How we made it in Africa
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