ABOU DHABI, November 21, 2021 (WAM) – CCG-based venture capital firm VentureSouq (VSQ) has announced the launch of its MENA FinTech Fund I, the region’s first sector fund focused on FinTech in the Middle East and North Africa (MENA) and Pakistani.

The $ 50 million VentureSouq fund invests in start-up FinTech and SaaS companies and focuses on key sub-sectors including payment infrastructure, alternative credit, digital banking, PropTech, InsurTech and personal financial management, working closely with innovative regional entrepreneurs disrupting financial services.

VentureSouq’s general partner, Suneel Gokhale, commented on the new fund: “Prior to the MENA FinTech fund, we were the primary investors alongside some of the world’s largest VCs in a number of FinTech companies, including leading companies. plan such as Jeeves, Khatabook, Belvo, FamPay, Vouch, Point, Atomic and Fondeadora. In 2020, we started to think about what the adoption of FinTech would look like in the MENA region and we got into it. Based on what we’ve seen in other emerging markets we’ve invested in, we believe the MENA FinTech ecosystem is still in its infancy and we’re really excited about the whole thing. opportunities.”

VentureSouq MENA FinTech I is backed by regional powers including Jada Fund of Funds and Saudi Venture Capital Company (SVC), Bahrain Al Waha Fund of Funds, United Arab Emirates DisruptAD, Venture Capital Platform of ADQ and Mubadala Investment Company, as well as multinational conglomerates such as OFC, the investment arm of the Olayan Group in the Middle East.

VentureSouq’s general partner, Maan Eshgi, added: “As the leading vertical venture capital fund in the MENA region, it was essential to bring together the right base of LPs. We needed partners who would understand both where the region is currently on the evolutionary curve, but who could also help portfolio companies navigate the difficult regulatory and financing terrain in the MENA region. To get the results we need, our portfolio companies need to access not just one market, but the entire MENA region. We believe we have the right stakeholders to help make access to this wider market a reality. “

The Fund has actively deployed capital to startups in the MENA region and Pakistan, including the regional “buy now pay later” Tabby, the Saudi B2B marketplace Sary and the PropTech Huspy platform. UAE-based investments include Baraka, Flexxpay, FinTech infrastructure company NymCard and Verity digital bank and in Pakistan, Creditbook digital ledger platform, PostEx e-commerce finance platform, and payday advance startup Abhi Finance. The fund has also invested in Egyptian transport platform Trella, concert economy financial platform Dayra and North Africa-based super-app Yassir, as well as a number of other promising companies. , which will be announced in the coming months.

Jad Antoun, CEO and Co-Founder of Huspy, said: “The VSQ team have been true partners for Huspy. We share the same belief that people and talent are the foundation of a healthy organization and on fundraising they consistently support us through their network of the best global funds in the US and Europe. “

Mohammed Aldossary, CEO and Co-Founder of Sary added: “The presence, conviction, understanding of the day-to-day challenges of a startup and the massive belief in our potential as a VentureSouq leadership team has been extremely important to we. With their vast experience and proven global experience, they were able to help us attract multinational VCs and close multiple investments in less than eight months; a true agile and pro-founding VC that can take startups to new levels. “

Founded in 2016, VentureSouq operates in the United Arab Emirates, Egypt and Saudi Arabia and has invested in more than 200 companies around the world. VentureSouq partners Suneel Gokhale, Maan Eshgi, Sonia Gokhale, Tammer Qaddumi and Sonia Weymuller all take an active approach to value-added investing.

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