Middle East technology start-up fund raises $30m

Middle East Venture Partners (MEVP), which invests in regional technology start-ups, has announced the second close of its Middle East Venture Fund II (MEVF II) at more than $30 million.

MEVF II is a venture capital fund that invests in the region’s early stage technology and mobile businesses and is MEVP’s fourth venture capital fund, increasing its total assets under management to $120 million, a statement said.

MEVP said the fund is currently oversubscribed but might accept further subscriptions in the next 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.

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Middle East technology start-up fund raises $30m