- Palestine-based VC Ibtikar Fund, has invested $1.4 million in three startups across Mena founded by Palestinians, through its second fund.
- The three startups that received investment were UAE-based healthtech Alma Health, Jordan-based software development firm Algebra Intelligence, and Palestine-based e-commerce builder Vatrin.
- Founded in 2015 by Ambar Amleh and Habib Hazzan, Ibtikar Fund is Palestine’s only VC fund, investing in Palestinian founders building web and mobile-based companies based in Mena.
In the footsteps of the International Conference on Entrepreneurship in Palestine held in Dubai yesterday, Ibtikar Fund, Palestine’s venture capital fund, announced the initial investments made under its second fund—in Alma Health, Algebra Intelligence, and Vatrin.
“We are thrilled to welcome these three companies to our portfolio and to further diversify our investments—Alma is our first health-tech company, Algebra is in the green and renewable energy space, and Vatrin incorporates our learnings from investments in e-commerce and logistics. We have found great founders who have built impressive teams and have garnered excellent traction thus far” said Ambar Amleh, Managing Partner at Ibtikar Fund.
Founded by Khaldoon Bushnaq and Tarek Seksek, Alma Health is a direct-to-patient digital healthcare provider dedicated to transforming the healthcare experience for people with chronic conditions. Alma Health is growing rapidly in the United Arab Emirates and Egypt, and is expanding to Saudi Arabia. They are currently raising their Series A investment round.
Algebra Intelligence is a software development firm that integrates artificial intelligence solutions into the energy sector by providing comprehensive asset performance management, proactive notifications, predictive maintenance, and energy forecasting. Algebra’s first product helps clients understand their energy consumption, and ways to save energy, including by integrating renewable energy solutions, such as solar. Algebra was founded by Ahmad Altawafsheh.
Vatrin provides an easy way for small business owners and social merchants to set up a simple website to facilitate online orders and payments and a direct connection to WhatsApp for managing and tracking the final order. Given the post-COVID rise in e-commerce, including social commerce, in the MENA region, Vatrin’s team, Ra’fat Masri, Diala Khashan, and Majd Taweel, developed this product from their direct experience running e-commerce in Palestine.
“The three companies we invested in represent the vision for our second fund—investing in Palestinians anywhere in MENA and reconnecting them back to our Palestinian ecosystem. We look forward to supporting them as they continue to grow,” said Habib Hazzan, Managing Partner of Ibtikar Fund.
Ibtikar Fund is Palestine’s only venture capital fund, investing in Palestinian founders building web and mobile-based companies from MENA. Ibtikar Fund II began investing in 2022, with the first close of $15 million. Based in Ramallah, it is managed by Managing Partners, Habib Hazzan and Ambar Amleh.