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MEVP announces a $50 million fund and 6 new investments
Today, we're seeing the impact of the new policy in the Lebanese ecosystem. At tech conference Arabnet, venture capital firm Middle East Venture Partners (MEVP) announced a new fund that will leverage funding from eight Lebanese banks to offer a total of $50 million in investment to startups that are incorporated out of Lebanon.
"We're very excited about it because it's a game changer for us in terms of capital availability and being able to attract capital into the VC space," Mansour told Wamda. "It's a good validation of our work over the past three to four years."
- $1 million in Potential, the business consultancy that now focuses on online business learning platforms and massive open online courses (MOOCs), with offices in Beirut and Dubai.
- $ 1 million in Fadel Partners, an Intellectual Property management software that currently measures and monetizes over $10 billion in retail sales.
- $600,000 in element^n, the company that owns Apstrata, a backend-as-a-service (BaaS) platform, and recently supported the creation of touch Lebanon's new app store.
- A $500,000 series A round in Lamsa, a platform for Arabic digital edutainment content for children.
- An undisclosed amount in Instabug, the Egyptian applications that helps developers to easily report and submit bugs in mobile apps.
- An undisclosed amount in Bnooki, a price comparison platform for financial products and services.
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