Dubai-based Middle East Venture Partners (MEVP) has raised an additional $65 million for its latest and third regional fund—the Middle East Venture Fund III (MEVFIII). The new funding comprises four investments, with two more to be finalized in the next couple of months.
It has now entered into advanced talks with two regional Sovereign Wealth Funds and other government institutions to take MEVFIII closer to its $200 million target.
The launch of the third MENA venture capital fund in 2017, with a target size of $250 million in that time, came after Emirati tycoon and Chairman of Emaar Properties, Mohamed Alabbar, acquired a large stake in the company to create one of the leading venture capital investment platforms in the MENA region.
MEVFIII invests in innovative early-stage and growth stage tech companies in the MENA and Turkey region. Bahrain-based Al Waha Fund committed $10 million to MEVFIII last September.
Meanwhile MEVP plans to exit from three start-ups this quarter. It currently manages regional technology-focused venture capital funds with more than $220 million in assets under management and another $100 million in co-investments.
The company has invested in more than 43 portfolio companies across MENA and Turkey, including the Luxury Closest, Eat App, and Sarwa. MEVP was number two in Forbes Middle East’s list of the Top 50 Most Active Investors 2018.