The Dubai-based VC has recently invested in Egypt’s Eventtus, $1 million in Dubai’s Melltoo, and $5 million in Lebanon’s scriptr.io.
Dubai-based Middle East Venture Partners (MEVP) has just announced the launch of its third MENA venture capital fund – the Middle East Venture Fund III (MEVFIII) - with a target size of $250 million, Arabnet reported. The fund comes just after MEVP signed a strategic partnership with Mohamed Alabbar last May to create a leading VC platform for the region. The fund will invest in early-stage and growth-stage tech companies in the MENA region and Turkey.
With an investment portfolio in over 40 ventures since 2010, MEVP has been supporting tech entrepreneurs with two of the largest funds in the region, backing some big names in the regional startup network, including an undisclosed amount in Egypt’s Eventtus, $1 million to Dubai’s Melltoo, and $5 million in Lebanon’s scriptr.io. “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,” says MEVP's Founder and CEO, Walid Hanna.
“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, specialised expertise, and operational support enabling them to reach their next level of growth," says Mohamed Alabbar.
Main photo: Arabnet.
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