New $60m VC fund to invest in tech startups across MENA

New $60m VC fund to invest in tech startups across MENA

Mubasher: Bahrain-based Plus Venture Capital (+VC) has been established with a $60 million debut fund to invest in 120 tech startups in MENA amid the growth of tech businesses in the region due to the coronavirus (COVID-19) outbreak.





With offices in Saudi Arabia, Bahrain, the UAE, and Egypt, the company is founded by Sharif El-Badawi and Hasan Haider, according to a recent press release.





El-Badawi and Haider have been investing in startups in Silicon Valley and the MENA during the past 10 years.





The VC firm will focus on seed to Series A investments to support tech startups across different sectors, including e-e-commerce, FinTech, and health technology.





The firm will invest an average of $200,000 at the seed stage and up to $2 million in follow-on funding.