Global Ventures closes $50m MENA-focused fund

Dubai-based venture capital (VC) company Global Ventures, has closed its first fund, of $50-million, to invest in the Middle East and North Africa (MENA) region.

This, according to tech publication Menabytes which revealed the close of the new fund in an article last Friday (10 April)

According to Menabytes, the VC founded in 2018, is led by Noor Sweid and Basil Moftah.

The fund, it said, is backed by Jada, the $1-billion fund of funds created by Saudi’s Public Investment Fund, UAE’s Mubadala, Abu Dhabi Investment Office, and various other other investors.

Global Ventures was founded in 2018 and is led by Noor Sweid and Basil Moftah

The fund has invested in 15 startups, according to the publication, despite its website showing only 10 investments in its portfolio.

These include Egypt’s food ordering startup Elmenus, which in February announced it had secured a $8-million Series-B investment round led by Global Ventures and Egyptian venture capital (VC) company Algebra Ventures (see this story).

Read more: Egyptian food discovery and ordering platform Elmenus raises $8m Series-B round

Featured image: Dubai skyline (knt via Unsplash