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|| Middle East Venture Partners raises $30 million to invest in startups

mevp.jpgMiddle East Venture Partners, a venture capital firm based in Dubai and Beirut, has announced the second close of its fund Middle East Venture Fund II (MEVF II) at more than $30 million.

The Fund is MEVP's fourth venture capital fund, increasing the firm's total Assets Under Management to $120 million. With offices in Beirut, Dubai and Silicon Valley, MEVP is one of the largest VC firm in this region, with cross border investment appetite. Since inception, Middle East Venture Partners has invested in 28 companies.

Middle East Venture Partners is listed in the Middle East Investors Directory with the code SINJA31.

More details follows

Middle East Venture Partners (MEVP) announced today the second close of Middle East Venture Fund II (MEVF II) at more than US$30 Million. MEVF II is a venture capital fund that invests in the region's early stage technology and mobile businesses. The Fund is MEVP's fourth venture capital (VC) fund, increasing the firm's total Assets Under Management (AUM) to US$120 Million, and establishing the firm as one of the largest institutional VC investors in the Middle East North Africa (MENA) region.

MEVP has successfully achieved its US$30 Million fundraising target for MEVF II. The Fund is currently oversubscribed but MEVF II might accept further subscriptions in the upcoming two weeks. The Fund, already operational with nine ventures executed across the region, will pursue its investment strategy in the GCC and wider MENA region, with a particular focus on technology ventures in the UAE.

Walid Hanna, Managing Partner of MEVP said:
"With the high growth of smartphone users and e-commerce, the GCC and wider MENA region has become a breeding ground for technology start-ups that require early-stage investments to allow them to grow, succeed and create sustainable businesses. We are particularly excited by transactions in the web, mobile, and digital marketplaces across the region."

Ihsan Jawad, Managing Partner of MEVP added:
"Collectively, the principals of MEVP bring a wide experience from the financial and technology sectors. We are active investors and entrepreneurs who have years of both investment and operational experience, in creating, building and exiting successful companies."

Middle East Venture Fund II (MEVF II) is leveraging MEVP's extensive regional network to generate a flow of high quality deals and accelerate the value creation of the portfolio companies by assisting them in hiring the right talent and acquiring the needed resources to reach their full potential.

Since inception, Middle East Venture Partners (MEVP) has invested in 28 companies - most of which are MENA market leaders, and has created more than 900 jobs in the region. MEVP completed its first exit in December 2014 when its portfolio company Shahiya.com, the region's leading user-generated Arab food recipes website/app, was acquired by the billion-dollar publicly-traded Japanese firm Cookpad in a transaction that yielded a 130% IRR.



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