The Middle East Venture Capital Fund (MEVCF) has raised $28.7m in commitments from a group of international companies, foundations and other investors for the first vehicle targeting Palestinian technology companies.
The fund will invest in start-up companies in the internet, mobile and software sectors in the West Bank. The fund’s investors include computer network equipment provider Cisco, which already outsources development work to Palestinian software companies; venture philanthropy backing from Google’s Foundation, the Soros Economic Development Fund, Skoll Foundation and Jean and Steve Case’s Foundation; and the European Investment Bank.
Saed Nashef (pictured), a software entrepreneur and industry veteran who recently returned to the region after nearly two decades in the US, and Yadin Kaufmann, a venture capitalist in the US and Israel, will manage the fund from its office in Ramallah.
Nashef said: "There is a vibrant community of software entrepreneurs who have ‘the right stuff’. We and our investors will aim to provide the access to risk capital and to international markets that these entrepreneurs need in order to compete on the world stage."
Yoav Samet, Cisco’s senior director of corporate development for Europe and Emerging Markets, said: "Our investment in the MEVCF further extends Cisco’s commitment towards creating a sustainable Palestinian technology sector."
Gisel Kordestani, Google’s director of new business development, said: "We are pleased to have the Google Foundation participate in the Middle East Venture Capital Fund as part of our effort to enhance Palestinian economic capacity in the ICT sector."