Middle East Venture Partners (MEVP), which invests in regional technology start-ups, has announced the second close of its Middle East Venture Fund II (MEVF II) at more than $30 million.
MEVF II is a venture capital fund that invests in the region’s early stage technology and mobile businesses and is MEVP’s fourth venture capital fund, increasing its total assets under management to $120 million, a statement said.
MEVP said the fund is currently oversubscribed but might accept further subscriptions in the next two weeks.
The fund, already operational with nine ventures executed across the region, will pursue its investment strategy in the GCC and wider MENA region, with a particular focus on technology ventures in the UAE.
Walid Hanna, managing partner of MEVP said: “With the high growth of smartphone users and e-commerce, the GCC and wider MENA region has become a breeding ground for technology start-ups that require early-stage investments to allow them to grow, succeed and create sustainable businesses. We are particularly excited by transactions in the web, mobile, and digital marketplaces across the region.”
Since inception, MEVP has invested in 28 companies – most of which are MENA market leaders, and has created more than 900 jobs in the region.
MEVP completed its first exit in December 2014 when Shahiya.com, a user-generated Arab food recipes website/app, was acquired by Japanese firm Cookpad in a transaction that yielded a 130 percent internal rate of return (IRR).For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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