Lebanon-based venture capital firm Middle East Venture Partners reached the $15m first close of its $30m MEVF II fund yesterday having secured capital from limited partners including telecommunications company Zain Group.
The fund, Middle East Ventures’ fourth, will supply cash to mobile and technology startups operating in the Middle East and North Africa (MENA). The firm’s last fund was the $70m Impact Fund, launched in 2014 to invest in Lebanon-based ICT businesses.
MEVP II, which is expected to reach its final close in the second quarter of 2015, has already invested in four companies: online greeting card marketplace YouGotAGift.com, Arabic language children’s digital library Lamsa, luxury clothing e-commerce company The Luxury Closet and online medical content provider Altibbi.
Walid Hanna, Managing Partner of Middle East Venture Partners, said: “The Arab digital economy is a large one offering strong growth opportunities, and Middle East telecoms and tech providers will drive MENA’s economic transformation.
“We are excited by the promising talent and technologies emerging in our region. As partners and investors, we add value to startup companies as we offer our portfolio companies capital as well as strategic and operating expertise.”