Middle East-focused venture capital firm Middle East Venture Partners (MEVP) held the first close of its fourth fund at US$15m.
Middle East Venture Fund II, which aims to close in the second quarter 2015 at US$30m, will invest in the region’s tech and mobile businesses. Limited partners include institutional and professional investors with relevant backgrounds in digital, telecom and media.
Middle East Venture Fund II is already operational and has approved four investments:
YouGotAGift.com, an online marketplace specializing in digital gift cards in the Middle East, with more than 65 retailers across the UAE, Lebanon, Saudi Arabia and Qatar
Lamsa, an Arabic digital library tailored for children aged 1 to 7, offering them a world of creativity and imagination
The Luxury Closet, an online marketplace that sells pre‐owned luxury items at a discounted price
Altibbi, a Middle East’s digital medical content platform that offers several online medical services in Arabic.
Led by Walid Hanna, Managing Partner, MEVP is the region’s oldest and largest independent VC with Assets Under Management that exceed US$100 million. It completed its first exit in December 2014 when its portfolio company Shahiya.com, a user-generated Arab food recipes website and mobile application, was acquired by Japanese recipe website Cookpad for US$13.5m, a transaction yielding a 130% IRR.
Since inception, the firm has invested in 21 portfolio companies –