Middle East Venture Partners has announced the launch of its third MENA venture capital fund. Called Middle East Venture Fund III (MEVFIII), the fund has a target size of $250 million and will invest in innovative early-stage and growth-stage tech companies in MENA & Turkey. This launch comes after the announcement earlier this year that Mohamed Alabbar, the Chairman of Emaar Properties has acquired a large stake in MEVP and entered a strategic partnership to create one of the leading venture capital investment platforms in the region
The target fund size of US$250 million makes it one of the few independent regional venture capital funds capable of committing large investments to meet the growth requirements of tech companies in MENA and Turkey. The fund will offer long-term investors looking for tech exposure in the MENA and Turkey a diversified investment vehicle led by MEVP’s strong management team that has a proven track record.
Mohamed Alabbar said, “A new generation of tech-savvy young digital entrepreneurs is driving the growth of this region’s digital ecosystem. Their innovative ideas can bring transformational changes to the local economies. MEVP’s new fund will support emerging local tech companies with dedicated capital, specialized expertise, and operational support enabling them to reach their next level of growth.”
MEVP has companies like Anghami, Instabug, Altibbi, The Luxury Closet, Volt, RoundMenu & Shedul in its portfolio. Their most recent investment was in travel search engine Wego that has dual headquarters in Dubai & Singapore. The deal was closed earlier this month.
Walid Hanna, MEVP Founder and CEO, said: “MEVP is a pioneer in the venture capital investment industry in this region. Since 2010, we have been committed to supporting regional tech entrepreneurs to grow their businesses into market leaders. We have a current investment portfolio in over 40 ventures, which has created more than 1,100 quality tech jobs for the region’s youth.” He added: “Despite the market evolution in recent years, there remains a significant lag in the amount of capital available for growth stage venture capital funding. MEVFIII aims to address this gap: It is one of the largest venture capital funds dedicated to this region, and will help accelerate the growth of the venture capital ecosystem in meeting the growing demand for technology products and services.”
Earlier this year, Saudi Telcom Company had announced a $500 million fund called Saudi Technology Venture (STV) to fund in tech startups of the region.