The Emirates-based venture capital firm ABV has closed its $25 million debut funding, media reports said. It is reported that the fresh funds will be utilised to bolster tech startups across regions such as the Middle East, North Africa and Pakistan.
Furthermore, the fund will cater the markets of economies such as the Kingdom of Saudi Arabia, Egypt, the Emirates and Pakistan. The fund will benefit tech startups across segments such as health tech, e-commerce, SaaS, enterprise and edtech.
Mubadala Capital, Jada and Saudi Venture Capital (SVC) are the partners of ABV and will help it to foster the development.
Issa Aghabi, ABV co-founder and managing partner, told the media, “The MENA landscape has transformed over the past few years, with entrepreneurs and startups acting as a catalyst for economic growth and development. ABV has the ability to identify and cultivate this new breed of tech companies, many of which are extraordinary in their own right, and help them realise their full potential. Securing our first close reflects the confidence in ABV’s capabilities and investment strategy, where we lead the round and support our founders throughout their journey.”
SVC is operated by the Saudi government and has been launched as a part of the country’s stimulus programme and has a mandate to invest $750 million into local startups and SME’s.
The Middle East has become a hotbed for regional and foreign investors in recent times because of rapid economic development and sustainability in the region. The region has been successful to tackle the pandemic.