Dubai, United Arab Emirates, 28 February 2019: Middle East Venture Partners (MEVP), a Middle East-focused venture capital firm that invests in the early and growth stages of innovative companies, held its Annual Investor Conference on February 28, 2019, in Dubai. The one-day event drew over 200 key investors and entrepreneurs from all over the world to discuss the potential of the MENA tech ecosystem and explore immediate co-investing opportunities.
During the conference, MEVP announced an additional $65 million in LP commitments, reaching a total fund size of $125 million for its latest fund, Middle East Venture Fund III (MEVF III). The firm also confirmed that it is in advanced talks with regional sovereign wealth funds and government institutions to reach its $200 million fund target.
So far, MEVF III has invested $12 million in 5 companies: One Click, a technology-enabled on-demand last mile logistics provider; The Luxury Closet, a leader in pre-owned luxury and fashion vertical; Eat App, a SaaS provider to restaurants and table booking marketplace; Sarwa, the region’s premier regulated financial robo-advisory; and Nana, a Saudi Arabia-based platform for grocery ordering and delivery. MEVP is also in a closing mode for an additional $2 million in a Pakistan-based marketplace providing ride-hailing, parcel and food delivery services.
Speaking on the sidelines of the conference, Walid Hanna, MEVP Founder and CEO, said: “We are witnessing a transformational era for the tech ecosystem in MENA. Many startups that were seeded a couple of years ago, have matured and have become regional champions in their respective verticals. Our investment philosophy is simple: in whatever vertical we look at, we thrive to build the MENA market leader. With rising investor interest in the MENA VC asset class and extraordinary purchasing power from tech-savvy and tech-hungry GCC consumers, we’re here to invest in start-ups, grow, exit and generate healthy returns to our limited partners.”
The Annual Investor Conference featured keynote presentations and panel discussions by leading figures in the technology and entrepreneurial ecosystem, who covered a wide range of topics from challenges and opportunities of scaling businesses in the region, to initiatives needed to boost tech-based, growth-stage companies. The keynote speakers also highlighted significant digital trends globally and what this means to the region as well as recent changes in the investment landscape.