Turkey-Based VC 212 Looks to MENA Tech Startups After Launching $58 Million Fund
212's focus on MENA startups comes after what it sees as a prolonged period of success in the ecosystem.
Spurred by the increasing number of exists coming out of the Arab world (27 in just 2019), Istanbul-based venture capital firm, 212, has announced a new $58 million fund which will look predominantly to invest in MENA, as well as Turkey and Europe.
As a firm, 212 looks to invest in B2B tech-solution based, growth-stage startups that have demonstrated traction, exact product-market fit and the ability to scale internationally.
In Q3 2020, there was $77M invested in 70 startups and 212 views this as the beginning of the region’s success and believes that entering MENA now will allow them to add value and, in a few years, have the tech ecosystems in Turkey and MENA get to a level playing field.
Under the leadership of Managing Partner, Ali Karabey (pictured), 212 centers their investment strategies around the idea of ‘test local, go global’. The location of a startup can be anywhere, as long as they have a global view mindset early on. 212 has also seen that B2B focused tech firms in the region are a growing force and hope that this fund will help to empower these companies to reach their full global potential.
