Middle East Venture Partners, a Cayman Island fund managed by an ex-Dubai International Capital manager Walid Hanna and his partners, has announced investments in three companies: Pin-Pay, iLevel, and Multilane.
MEVP fund is a Middle East focused venture capital firm with its first close at $10 million and the goal of reaching $20 million. Their limited partners are "two of the leading five Lebanese commercial banks, three large Lebanese conglomerates, and six individuals who are mostly Lebanese with a couple of Saudis" according to Hanna.
To see more venture capital firms focused on the Middle East like MEVP check our Middle East Investors Directory.
Their full press release follows
Middle East Venture Partners, has announced three new investments in Lebanese-based companies: Pin-Pay SAL, iLevel SAL, and Multilane SAL. The funding from MEVP will assist the companies in pursuing regional growth and development plans in addition to extending their product offerings. “We are very pleased to invest in such ground breaking companies in the region, that are at the heart of MEVP’s investment strategy focused on innovation, scalability and targeting regional and global markets” said Walid Hanna Managing Director of MEVP.
The companies benefiting from MEVP’s investment are as follows:
Pin-Pay SAL: Network-agnostic wireless payment operators, using a state of-the-art platform allowing customers to make and receive payment via their mobile phone directly into their bank accounts. Its goal is to transform the mobile handset into a payment tool. Visit www.pin-pay.com
iLevel SAL: The first shopper marketing agency in the Middle East, helping sales outlet to optimize the shopping experience of their customers. Shopper marketing is the discipline of influencing the shopper at the point of decision through various marketing techniques. iLevel provides turnkey in-store marketing solutions through research, consultancy and design. Visit www.i-level.biz
Multilane SAL: An innovative technology firm focused on designing and developing instruments for testing and characterizing optical communication equipment and optical infrastructure equipment. Visit www.multilaneinc.com
“Backing the right entrepreneurs is core to our investment philosophy and we are delighted to back such a group of high caliber and proven entrepreneurs” said Tarek Sadi, Managing Director at MEVP, adding that “we believe that the efforts of MEVP and other VCs in the region will give entrepreneurs more clarity into the benefits of institutional investors, galvanizing a deeper ecosystem”.
Previous Post: DubaiBeat.com an official partner of Super Return ME 2010 for the 3rd year
Next Post: Qatar investment firm acquired stake in Brazil bank for $2.7 billion