First closing at $67M. MEVP to boost VC growth capital for tech market leaders in MENA.

Dubai, UAE; February 2023: Middle East Venture Partners (“MEVP”) announced today the launch of their fourth MENA VC fund – the Middle East Venture Fund IV (“MEVF IV”) – with a target size of USD 150 million. The new fund is anchored by the European Investment Bank (EIB) with a USD 27 million commitment. MEVF IV’s fund size makes it one of the few independent regional venture capital funds capable of committing large investment tickets addressing the growth needs of later-stage tech companies in MENA. The new fund’s deployment will focus on investing in innovative early-stageand growth-stage tech companies and enabling them to emerge into market leaders in GCC, Levant, and North Africa.

MEVF IV will cater to the needs of local tech startups and empower them to rise into mainstream regional and global champions. The local tech ecosystem has recently witnessed significant growth; however, funding is lagging the rapid pace of change and adoption of technology. This has attracted global tech companies as well as international VC investors to the region. MEVF IV will accelerate the growth of the VC ecosystem further to satisfy the growing demand for technology products and services.

Walid Hanna, Chairman and co-CEO, announced: " Pursuant to a successful 12-year journey with 3 regional Funds launched, deployed and partially exited, we are humbled to announce the launch of our fourth Flagship VC Fund MEVF IV and its first closing at $67M. Special thanks to our anchor investor the European Investment Bank (EIB) as well as the LPs Edmond de Rothschild Equity Partners, Inveready, and a Publicly Listed European Internet Company, these are four landmark European institutions to testify how ripe the Middle East is for VC investments. We are also blessed with the backing of the Dubai Future District Fund (DFDF) and R Holding from the UAE as well as the Innovative Startups & SMEs Fund (ISSF) from Jordan."

Walid Mansour, Co-CEO added: “We look forward to investing in the most promising startups in MENA across various sectors of the economy (Healthcare, consumer, education, food security, real estate, fintech, B2B, Artificial Intelligence etc.) and helping to accelerate the region's digital transformation. This exponential growth in the VC opportunity is driven by the region's rising population and the emergence of a new generation of tech-savvy entrepreneurs. MEVP will lead this movement thanks to its deep understanding of the MENA region, its extensive network of investors and entrepreneurs, and its commitment to creating an environment of collaboration and innovation while prioritizing ESG investment principles.”

MEVF IV has benefitted from the support of the European Union under the European Neighbourhood Instrument, pursuant to the Risk Capital Facility for the Southern Neighbourhood Countries entered into between the EIB and the European Commission on 23 December 2015 and of the European Investment Bank.

About MEVP

MEVP is one of the pioneer venture capital firms in the MENA region and currently manages four regional technology-focused venture capital funds with more than USD300 million in assets under management and USD 1.6 Billions in co-investments. To date, MEVP’s team, comprising 21 investment professionals, have invested in more than 60 portfolio companies across MENA, Sub-Saharan Africa, Pakistan, and Turkey.

Press Contact:

Naldo Bejjani, naldo.b@mevp.com, tel.: +961 1 669861/2/3/4/5 – tel.: +971 4 558 4534/5

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