Halal Business

New Bahrain-based Venture Capital firm to invest USD60 million in MENA startups

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Plus Venture Capital, a new venture capital based in Bahrain, is looking to invest in startups in the Arabic speaking MENA region (Middle East and North Africa).

The newly formed venture capital (VC) is looking to invest in 120 startups focusing on tech and tech-enabled business in the post-covid environment in the seed stage and Series A investment.

The VC firm is looking to fund an average size of USD200,000 to USD250,000 for the seed stage in startups that have at least three months of traction with built products, and up to USD2 million funding for Series A.

Plus Venture Capital is expected to close USD60 million funds to be raised from regional institutional investors and private offices.

Plus Venture Capital firm is owned by Sharif El-Badawi and Hasan Haider, the former managing partners of 500 Startups’ MENA fund (500 Falcons). They have 35 years of combined experience in startup investments and tech operations and have completed over 200 transactions together in the MENA region.

They aim to invest in the region before the end of the year.

Sources: Reuters and Menabytes .

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