Mohamed Alabbar & MEVP launch $250mn MENA-focused VC fund


September 27, 2017 | By RetailME Bureau

Middle East Venture Partners (MEVP), one of the largest venture capital firms in the MENA region, announced 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 launch of the new fund follows the announcement in May 2017 that Emaar chairman Mohamed Alabbar and MEVP have entered a strategic partnership to create one of the leading venture capital investment platforms in the region.

“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, specialised expertise and operational support enabling them to reach their next level of growth,” says Alabbar.

According to reports, venture capital investments in MENA was less than 0.03% of the GDP in 2016, significantly lower than 0.20% in India and 0.40% in the US. This lack in venture capital 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.

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.

“MEVP is a pioneer in the venture capital investment industry in this region. Since 2010, we have been committed to supporting regional tech entrepreneurs to grow their businesses into market leaders. We have a current investment portfolio in over 40 ventures, which has created more than 1,100 quality tech jobs for the region’s youth,” adds Walid Hanna, MEVP founder & CEO.

“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,” he continues.

As a driving force behind the growth of the Middle East’s tech ecosystem, MEVP will seek passionate tech entrepreneurs who have the potential to build the next-generation of tech ventures and transform their ventures into market leaders, creating lasting value for all stakeholders.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /


Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau
Al Islami Plant-Based Burger

UAE-based Al Islami Foods, one of the largest frozen food companies in 

Continue Reading

January 3, 2021 | By RetailME Bureau
Marks & Spencer's plant-based range

Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free 

Continue Reading

December 23, 2020 | By RetailME Bureau

World’s largest fully integrated online brand in fresh fish and meat e-commerce 

Continue Reading

December 14, 2020 | By RetailME Bureau
Koita

Homegrown, organic and plant milk company, Koita has announced its expansion into 

Continue Reading

December 9, 2020 | By RetailME Bureau
Middle East's vegan revolution

Today’s on-demand streaming services are ripe with docu-series and explainer videos on 

Continue Reading

December 3, 2020 | By Shruthi Nair




Download Images RetailME Magazine