New $60m fund to invest in 120 MENA-based startups amid Covid-19 tech rally

SourceGulf Business
SectorFinancial Markets

A new $60 million venture capital fund will invest in 120 early-stage startups across the MENA region to corroborate a surge in technology uptake in the wake of the Covid-19 pandemic. Led by an ex-Google executive Sharif El-Badawi and Silicon Valley venture capital (VC) firm veteran Hasan Haider, Plus Venture Capital (+VC) will have key operations based in Bahrain, with offices in Saudi Arabia, the UAE and Egypt. The fund will invest in tech and tech-enabled startups across all sectors, including fintech, healthtech and edutech, in addition to logistics, content and ecommerce. “The MENA startup scene, rather than being crushed by the pandemic, has bounced back with renewed vigour. Major market slumps usually lead to big rebounds – the 2008 financial crash is just the most recent example. Tech companies emerged the clear more...