Saudi Arabia-based venture capital firm Emkan Capital has closed its inaugural fund on $31m, as it looks to back technology startups across GCC and broader MENAP regions.
This new vehicle will support strategic investments in pre-seed and seed stage companies. Target sectors are FinTech, e-commerce and logistics, as well as businesses working with AI, cyber, cloud and health tech across the MENA region.
Emkan Capital Fund I attracted a third of its capital from Silicon Valley-based partners. It also attracted contributions from institutions and businesses across the world.
The investor’s team is composed of seasoned investors and entrepreneurs that collectively boast nearly 50 years of experience in successfully investing in companies across KSA, UAE, the US, and Asia.
Speaking on the new fund, Emkan Capital general partner Ghassan Aloshban said, “Particularly now, at a time where founders can find themselves drowning in options but starving for knowledge, we want to make our mark by supporting founders through mentorship and access to transformational relationships.
“This region is home to great minds and wonderful stories waiting to be told. We are proud to be able to be there for founders earlier, rather than later. We want to provide capital, but much more than that we want to offer guidance and support to local talent on their journey to building great businesses.”
Most recently, Emkan led the $3.4m pre-seed funding round of social investing platform InvestSky. The company is a social investing, commission-free platform aimed at the next generation of investors in the GCC.
Another portfolio company of Emkan is Hubpay. The investment firm joined Hubpay’s $20m Series A round in 2022.
Hubpay is a offers a digital wallet and data-driven financial products that are available to everyone.
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