This new fund reflects the investor group’s focus on fintech technology in the Middle East and North Africa.
The group was an early investor in companies such as Jeeves, Khatabook, Belvo, FamPay, Vouch, Point, Atomic and Fondeadora.
“In 2020 we started to reflect on what fintech adoption in the MENA region was going to look like and we dove right in. Based on what we have seen in other emerging markets that we have invested in, we believe it is still early days in terms of the fintech ecosystem in the MENA region, and we are really excited about the overall opportunity set,” says General Partner Suneel Gokhale.
The Fund says it has been actively deploying capital into startups across MENA and Pakistan, including regional ‘buy now pay later’ Tabby, Saudi-based B2B marketplace Sary, and Prop Tech platform Huspy.
UAE-based investments include baraka (YC S21), FlexxPay, fintech infrastructure company NymCard and digital bank Verity and in Pakistan, digital ledger platform CreditBook, e-commerce financing platform PostEx and salary advance startup Abhi (YC S21) Finance.
The fund also invested into Egypt-based transportation platform Trella, gig economy financial platform Dayra and North Africa-based super-app YASSIR, along with a number of other promising companies, which will be announced in the coming months.