• MENA-focused impact venture capital firm Anara Impact Capital has announced the first close of its debut fund at $48 million, nearing its target fund size of $50 million. The fund will invest in Seed and Series A startups across the Middle East and North Africa.
• The fund will focus on startups operating in learning, wellbeing, and climate, targeting businesses that combine strong commercial potential with measurable social and environmental impact. Anara aims to support founders addressing regional challenges while serving large underserved markets.
• The first close attracted backing from KfW, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission, alongside Dara Holdings, ISSF, and several regional family offices and high-net-worth individuals.
• The fund is led by Nafez Dakkak, Mohamed Hussain, and Nadia Moukaddam, with Fadi Ghandour serving as Chair of the Investment Committee. 

Press release:

Anara Impact Capital, an impact venture capital firm investing across the Middle East & North  Africa, today announced the first close of its debut fund at $48 million, marking a significant  milestone toward its $50 million target fund size. 

The fund will invest in Seed and Series A startups focused on learning, wellbeing, financial  access, and climate, each of which is central to the region’s long-term development.  

The fund aims to back companies that can deliver both strong financial returns and measurable  impact within their communities. 

The first close is anchored by a landmark coalition of institutional backers, including KfW, on  behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and  the European Commission; Dara Holdings; ISSF (Innovative Startups and SMEs Fund); and a  number of leading family offices and high-net-worth individuals from the region. 

Anara Impact Capital was spun out of Alfanar Venture Philanthropy, a UK-based organisation with more than 20 years of experience supporting impact enterprises across the Arab world.  Anara builds on Alfanar’s work with a particular emphasis on scaling businesses that can  generate impact and strong financial returns.  

The launch of the fund builds on Alfanar’s legacy and reflects growing demand for investment in  sectors with strong commercial potential and clear social and environmental relevance. 

Backing Founders in Underfunded Sectors 

Anara’s investment strategy is grounded in the conviction that key sectors across the region  remain persistently underfunded, despite representing some of its largest long-term  opportunities. 

The fund’s investment objectives will focus on the following pillars: 

• Learning: expanding access to education, skills, employability, and economic mobility • Wellbeing: improving access to financial, mental, and physical wellbeing solutions 

• Climate: helping communities and systems adapt to, mitigate, or respond to climate related pressures

A Differentiated Regional Strategy 

The fund targets businesses with proven early traction, strong founder-market fit, potential to  scale, and a commitment to positive change in the region. 

The fund is led by Nafez Dakkak, Mohamed Hussain, and Nadia Moukaddam. Together, they  bring experience across venture capital, venture building, operating roles, investment advisory,  and impact investing. 

Anara also benefits from a strong governance and advisory platform. Fadi Ghandour chairs its  Investment Committee, supported by a seasoned group of operators, investors, and ecosystem  leaders from across the region and beyond. 

Nafez Dakkak, Managing Partner Anara Impact Capital said: 

“Anara is here to prove that the region can develop scalable and global solutions to the most  pressing challenges of our time. We are inspired both by the founders we are supporting and  our own investors who are pioneering the way for intentional capital across the region. We are  on a mission to show that impact and returns can and do go hand in hand.” 

Thomas Reker, Portfolio Manager, KfW Development Bank, said:

“Bridging the financing gap for purpose-driven enterprises is essential for the sustainable  development of the MENA region. By anchoring this fund on behalf of the German Government  and the EU Commission, our goal is to drive meaningful job creation and empower visionary  entrepreneurs who are building solutions that help address shortcomings in society or the environment. This initiative is particularly committed to supporting social entrepreneurship—a  vital sector that traditionally faces severe hurdles in securing conventional financing. Investing in  Anara is an investment in a future where economic opportunity and strong social impact go  hand in hand.” 

Lubna Olayan, Chairwoman, Alfanar Venture Philanthropy, said:

“There is a depth of entrepreneurial talent across the region that is often underestimated. When  directed toward Anara’s core pillars – learning, wellbeing, and climate – this talent can generate  not only strong and sustainable returns but also meaningful and lasting impact.”