London-based leading investment firm Hambro Perks has achieved the first close of a new $50 million venture fund focused on technology investments in the Middle East and North Africa (MENA).
The venture capital fund named Oryx fund will be floated in Abu Dhabi Global Market and has received backing from Jada Fund of Funds (owned by Saudi Arabia’s Public Investment Fund), the Saudi Venture Capital Company, and Riyadh Valley Company, among others.
“There is a wealth of talented entrepreneurs developing innovative businesses and we are excited about partnering with them to help them develop their ideas and scale their companies,” Hambro Perks’ Co-Founder and Chief Executive, Mr. Dominic Perks remarked.
Interest from Middle East venture capital investors is picking up following a slew of high-profile successful exits, such as Careem’s $3.1 billion sales to Uber, which concluded in January last year. A Mena Venture Investor Ranking report released earlier this week by Magnitt found that last year 25 percent of all investors into regional companies were located outside the region. Of the 256 active investors deploying a total of $1 billion last year, 11 percent were based in the US and 7 percent in the European Economic Region.
Hambro Perks manages a range of funds and focuses on strategies such as venture and secondary venture deals, environmental technology special situations. It has already invested in the area, supporting Sarwa UAE robo-advisory platform in its $8.4 million Series A funding round in January last year.
“Our investment in the Oryx fund underlines our belief in the strong potential of venture capital in Saudi Arabia. There is a real talent within the Saudi start-up community, and the Hambro Perks Oryx team is an experienced investor in the sector,” Al Jada Fund of Funds Chief Executive Mr. Adel Alateeq added.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
