The investment marks the first of its kind in the Middle East and Africa by the American outfit.
Seattle-based Capria Ventures, a globally active fund-of-funds, has backed Global Ventures, investing in the UAE VC's second fund as part of a strategic partnership between the two firms.
Marking its first ever investment in the Middle East and Africa, Capria Ventures’ comes with plenty of pedigree, boasting backing by international investors including Bill Gates, the Ford Foundation, the World Bank's International Finance Corporation and more.
Capria's network manages over $400 million in assets, much of which has been deployed in early-stage growth companies across the world. In Global Ventures, they have found a perfect partner in the region, with UAE VC looking to back global-minded founders and startups using tech to impact emerging markets. Operating across 15 markets, the firm has invested in 25 companies to date, with its second fund seeking tech startups addressing what it has called 'critical demands in recently accelerated industries.
“We are delighted to welcome a new investor to the regional ecosystem,” said Noor Sweid (pictured), Founder and General Partner of Global Ventures. “Capria is one of the first US fund-of-funds to invest in the region and is internationally renowned for its success in emerging markets. We are very excited to see the transformative impact this investment and partnership will have across the region. We’re very much looking forward to our partnership with Capria and expanding ties between our regional ecosystem and other high-growth markets.”
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