Kuwait's Arzan Venture Capital has scored a $20 million fund that it intends to invest in Series A startups across the Middle East and North Africa.
Noted for being one of the very first to invest in Careem, Kuwaiti venture capital firm, Arzan, has scored a whopping $20 million in the first close of its second fund, following its first close in August of 2019.
Like that funding – which was used to invest in 13 different startups – this latest investment will be directly channelled into more startups across the MENA region. The firm intends to expand its on-ground-presence outside of Kuwait and will continue its M.O. of investing in Series A startups. Though founder and managing partner, Hasan Zainal, has not revealed the source of the latest investment, only mentioning that it included two sovereign wealth finds and ‘a couple’ of international wealth managers.
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