United Arab Emirates-based investment fund Nuwa Capital has launched with conglomerate Al Faisaliah Group as its anchor investor and strategic partner, and a targeted close of $100m according to Menabytes.
Nuwa Capital will invest in startups located in the Middle East and North Africa in addition to East Africa, Pakistan and Turkey. It is concentrating on the direct-to-consumer, financial technology, software-as-a-service, mobility and logistics sectors.
The fund is pursuing a model that involves the provision of more support for startups from operational partners and experienced entrepreneurs who will offer advice in areas such as fundraising, recruitment, technology and product development.
Khaled Talhouni, managing partner of Nuwa Capital, said: “The ambition of the team at Nuwa Capital is to rewrite the book on how we think about venture capital in emerging markets.
“There exists at this moment an incredible opportunity to help build the next generation of disruptive companies that will come to define their respective industries and we at Nuwa along with our partners are primed to lead this transformation.”
Saudi Arabia-headquartered Al Faisaliah will assist Nuwa Capital portfolio companies expand in its home country as well as the surrounding region.
