Purple Elephant Ventures (PEV), acclaimed as the “world’s first tourism-focused venture studio,” has raised $4.5 million in seed funding to expand its operations.
Headquartered in Nairobi, PEV plans to leverage the investment to grow its portfolio of startups and develop innovative solutions to address key challenges in Africa’s tourism sector.
The funding round saw participation from prominent investors, including Clear Creek Investment B.V., Klister Corp., Fede Pirzo-Biroli (founder of Playfair Capital), Anthony Rock, and Ian McCaig, the former CEO of Lastminute.com.
PEV is part of a growing ecosystem of venture studios that provide funding, strategic guidance, and mentorship to startups across Africa. Other players in the space include Fast Forward Venture Studio, Grone Studios, Ceed Cap, and First Founder.
Established in 2020, PEV is committed to supporting entrepreneurs in crafting cutting-edge solutions for the hospitality sector. Its initiatives include developing Software as a Service (SaaS) platforms, championing sustainable procurement practices, and introducing energy-efficient innovations tailored for tourism businesses.
To date, PEV has launched five startups including:
Nomad Africa: A travel discovery platform that doubles as Kenya’s leading travel publisher and local agency.
Kijani Supplies: A procurement technology company providing eco-friendly products for the hospitality industry.
Zafari: A booking platform transforming operations for African tourism operators.
PowerTrip: A provider of energy-efficient appliances tailored to hospitality businesses.
JOIN Africa: A venture supporting safari guides, created in partnership with Paul English, co-founder of Kayak.
Commenting on the milestone, PEV’s co-founder and CEO, Ben Peterson, stated, “This funding underscores the immense, untapped potential of African tourism innovation. With this support, we are positioned to transform the industry through pioneering travel technology in Africa, driving economic growth while safeguarding the continent’s extraordinary natural and cultural treasures. The outlook for sustainable tourism across Africa has never been more promising.”
With this funding, PEV is set to redefine the future of tourism across Africa, focusing on sustainable growth and technological advancement.
