A venture studio known as Purple Elephant Ventures (PEV) has successfully secured $4.5 million in seed funding. This Nairobi-based studio is dedicated to the tourism sector and plans to utilize the funds to expand its startup portfolio and introduce new ventures aimed at addressing key issues within Africa’s tourism industry.
The funding round involved various investors such as Clear Creek Investment B.V, Klister Corp., Fede Pirzo-Biroli, Anthony Rock, and Ian McCaig. These investors are keen on supporting PEV’s vision.
PEV is part of a trend of venture studios that provide funding, strategic advice, and mentorship to assist startups in scaling across Africa. Other similar studios include Fast Forward Venture Studio, Grone Studios, Ceed Cap, and First Founders.
Established in 2020, PEV focuses on helping founders develop solutions like hospitality Software as a Service (SaaS), sustainable procurement for tourism, and energy-efficient solutions for the hospitality sector. The studio has launched five startups, including Nomad Africa, Kijani Supplies, Zafari, PowerTrip, and JOIN Africa.
Ben Peterson, the co-founder and CEO of PEV, expressed excitement about the funding, emphasizing the potential for innovation in African tourism. He believes that the funding will enable them to revolutionize the industry through groundbreaking travel technology, promoting economic growth while preserving Africa’s natural and cultural heritage.