Dubai
Middle East Venture Partners (MEVP) said it has launched its third Mena venture capital fund following the announcement in May 2017 that Mohammad Al Abbar and MEVP have entered a strategic partnership to create one of the leading venture capital investment platforms in the region.
The Middle East Venture Fund III (MEVFIII) — with a target size of $250 million will invest in innovative early-stage and growth-stage tech companies in the Mena and Turkey region, the MEVP said in a statement.
“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,” Al Abbar, who is also the founder and chairman at Emaar Properties, said in a statement.
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.
According to reports, venture capital investments in Mena was less than 0.03 per cent of the GDP in 2016, significantly lower than 0.20 per cent in India and 0.40 per cent 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.
