Tech Growth Fund Wamda Capital has raised $60 million in the first round of funding of a $75 million Wamda MENA Ventures I fund, and invested 40 percent of that so far.
The venture capital firm, which is based in Dubai, has made the investments in 11 companies, ahead of its schedule. The companies invested in include parenting-focused e-commerce site Mumzworld, news content provider News Group International, and the ride-hailing service Careem, as well as Jordanian company Jamalon, an e-commerce bookstore that provides access to millions of Arabic titles.
The fund is the largest of its kind in the Middle East, and has investment teams based in Dubai, Amman, and Beirut. The investment team includes Fadi Ghandour, Khaled Talhouni, Walid Faza, and Lana Alamat.
Speaking at its launch in June 2015,Chairman and Manager Partner of Wamda Capital, Ghandour said of the fund: “The tech sector is being fuelled by rising demand and has the potential to drive development, employment, and innovation across the region.”
Meanwhile, commenting on what the future holds, Talhouni told Venture: “With respect to the remaining funds, we are looking to invest further across the region with a specific emphasis on marketplaces and FinTech. We will remain opportunistic and pursue opportunities as they arise.”