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    Emkan closes USD 31 million fund

    March 3, 20233 Mins Read
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    Emkan
    ECP 1 will manage strategic investments in pre-seed and seed-stage companies with growth potential in key technology sectors.
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    Emkan Capital, a Saudi VC firm focused on early-stage tech startups across the MENAP region and the GCC, has closed its inaugural USD 31 million fund.

    Emkan Capital, a GCC and MENAP region focused VC firm that invests in early-stage startups, has announced the close of its inaugural fund, Emkan Capital Fund 1 (ECP 1). ECP 1 gained investment from institutions and companies from around the around the world, with one-third of the USD 31 million total drawn from Silicon-Valley-based investors.

    Emkan Capital Fund 1

    ECP 1 will manage strategic investments in pre-seed and seed-stage companies with growth potential in key technology sectors. The fund will focus on the following sectors: fintech, e-commerce, and logistics and frontier sectors including AI, cyber, cloud and health tech across the MENA region.

    The fund will offer founders access to mentorship from its global advisory team, as well as critical access to corporate partners and tier-1 investors. Emkan’s team comprises seasoned investors and entrepreneurs who bring a collective 50 years of experience of investing in businesses and working with founders from across KSA, the UAE, the US, and Asia.

    Bridging the knowledge-funding gap

    Ghassan Aloshban, General Partner at Emkan Capital, said, “We are excited to launch such an important fund, which will help bridge the knowledge and funding gap that is stifling many founders’ ambitions and limiting growth opportunities. Particularly now, at a time when 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 the local talent on their journey to building great businesses.”

    Turki Alshaikh, Co-founder of InvestSky, an Emkan portfolio company, commented on the close, saying, “The team at Emkan has been truly instrumental in helping us grow. Beyond their investment, Ghassan and the team went above and beyond to connect us with industry heavyweights and international subject matter experts. To us, the close support and guidance we received made a huge difference and we were particularly impressed by their combination of regional expertise with a global perspective.”

    Emkan’s current portfolio includes InvestSky, NovoGenomics, FENIX, Trukkin, Mojo, Awaed, and Hubpay.

    February saw a series of notable deals take place around MENA region startups.

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