15 June, 2010

Middle East Venture Partners announces the first close of its Middle East Venture Fund

Middle East Venture Partners announces the first close of its Middle East Venture Fund
Beirut - Middle East Venture Partners (MEVP) today announces the first close of US$10 million of a new fund, Middle East Venture Fund L.P. (MEVF).

Targeting over US$20 million, MEVP is a Middle East focused venture capital firm that invests in the early and growth stages of innovative companies run by talented entrepreneurs in, primarily but not exclusively, Lebanon and the greater Levant region.

MEVP's mission is to be a new kind of VC firm in the Middle East –one with the aim of building world-class companies focused on innovative products and services. The fund seeks to partner with passionate entrepreneurs who are at the cutting edge in their respective fields.

MEVP's objective is to work closely with entrepreneurs and add value through its far- reaching network of relationships, world-class advisory in business strategy and corporate finance, strong adherence to corporate governance best-practices, and synergies with portfolio companies and professional services partners.

While MEVP will initially target the consumer technology and consumer products and services sector, it will also considers ventures in B2B services, logistics, food processing, and hospitality sectors.

"We're very pleased with the enthusiasm demonstrated by the investor community and their responsiveness to our investment strategy," commented Walid Hanna, founder and Managing Director. "My co-founders and I are firmly convinced of the remarkable high-growth potential of early-stage entrepreneurship in this region. The emergence of institutional investment funds to back talented entrepreneurs will further fuel local startup activity, attracting world-class talent and producing regionally, if not globally, competitive products and services."

MEVP is founded by Walid Hanna and Tarek Sadi. Together, the co-founders have over forty years of experience in serial entrepreneurship, venture capital, global innovation acceleration, multinational corporate development, and strategic finance. They have invested and operated within and outside the MENA region and have been involved with leading startups, multinationals, and private investment funds.

For further information, please contact Ms. Reem Bou Abdallah, Phone +961 1 999604; Email: info@mevp.com.

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