Middle East Venture Partners (MEVP) announced today the launch of its third MENA venture capital fund – the Middle East Venture Fund III (MEVFIII) - with a target size of $250 million.
MEVFIII will invest in innovative early-stage and growth stage tech companies in the MENA and Turkey region.
The target fund size of $250 million makes it one of the few independent regional venture capital funds capable of committing large investments to meet the growth requirements of tech companies in MENA and Turkey. The fund will offer long-term investors looking for tech exposure in the MENA and Turkey a diversified investment vehicle led by MEVP’s strong management team that has a proven track record.
The launch of the new fund follows the announcement in May 2017 that Mohamed Alabbar and MEVP have entered a strategic partnership to create one of the leading venture capital investment platforms in the region.
Mohamed Alabbar said: “A new generation of tech-savvy young digital entrepreneurs is driving the growth of this region’s digital ecosystem. Their innovative ideas can bring transformational changes to the local economies. MEVP’s new fund will support emerging local tech companies with dedicated capital, specialized expertise, and operational support enabling them to reach their next level of growth.”
According to reports, VC investments in the MENA was less than 0.03 percent of the GDP in 2016, significantly lower than 0.2 percent in India and 0.40 percent in the US. This lack in VCl funding is in stark contrast to the tech savviness of consumers and businesses in MENA and Turkey and their growing demand for advanced and competitive technology products and services.
Walid Hanna, MEVP founder and CEO, said: “Despite the market evolution in recent years, there remains a significant lag in the amount of capital available for growth stage venture capital funding. MEVFIII aims to address this gap: It is one of the largest venture capital funds dedicated to this region, and will help accelerate the growth of the venture capital ecosystem in meeting the growing demand for technology products and services.”