New technology companies in the southern and eastern Mediterranean (SEMED) region will benefit from additional sources of new funding thanks to a US$10 million equity commitment by the European Bank for Reconstruction and Development (EBRD) to the venture capital fund Badia Impact Squared (Fund) managed by Silicon Badia.
Badia Impact Squared is offering alternative equity funding to early-stage technology companies in the SEMED region. The fund will focus on investments in Egypt, Jordan, Lebanon, Morocco and Tunisia, with a principal focus on Jordan and Egypt.
The investment is the EBRD’s second commitment to Silicon Badia, following a US$ 8 million commitment to Badia Impact Fund in 2014. Silicon Badia has made investments in technology companies developing products and services with application in sectors such as healthcare, financial services and transportation.
“We’re delighted to be able to continue our partnership with Silicon Badia. Our commitment and the first closing of the fund has come at a critical time for the market and will enable early-stage companies to grow and benefit from expertise required for their future development. This will in turn support the development of the knowledge economy in the SEMED region,” said Anne Fossemalle, EBRD Director, Equity Funds.
Emile Cubeisy, Co-Founder and Managing Director of Silicon Badia commented that: "The EBRD’s renewed commitment to Silicon Badia highlights the resilience of our partners and underscores their commitment to daring founders and innovative start-ups that are playing a catalytic role in driving new job creation and validating the potential for prosperity. We now continue our mission of investing to support exceptional teams that are designing solutions to emerging global challenges, thus facilitating greater economic and social inclusion for millions in our region.”
The EBRD’s support for Silicon Badia is financed through the Bank’s €100 million Early-Stage Innovation Facility, which aims to address the demand for capital and support for early-stage innovative micro, small and medium-sized enterprises in its region.
The EBRD has been investing in private equity and venture capital funds since 1992 and has provided €4.4 billion in over 200 funds to date. Those funds have financed over 1,700 companies across the Bank’s countries of operations.
In the southern and eastern Mediterranean region, the Bank has invested more than €12.6 billion in 274 projects since the beginning of its activities in the region in 2012.