TMCnet News
$100m venture fund announced in the Middle East [ITP.net (United Arab Emirates)](ITP.net (United Arab Emirates) Via Acquire Media NewsEdge) A $100m venture fund has been announced by global investment firm, Fenox Venture Capital in collaboration with Dubai-based Innovation 360. The fund is now open to investors in the Middle East. The Fenox Global Fund IV will seek to invest in information technology startups - including Internet, computer hardware and software, and communications - as well as startups in the area of healthcare technology and clean tech. Kamal Hassan, Fenox general partner and president of Innovation 360, said that the number of businesses seeking VC funding in the Middle East is small compared to regions where the startup culture is more mature. He said: "Fenox sees the huge opportunity for growth in the MENA region, and so we are offering funding and expertise to a few best-in-class regional startups who we believe will provide significant long-term gain. However, by also investing in more mature companies from Silicon Valley and Asia, the fund will diversify the investors' portfolio and create a greater return for investors." The fund strategy is to invest in a mix of startups in need of seed and Series-A funding in the Middle East, pre-IPO companies from Asia, and seed and Series A startups in the United States - particularly Silicon Valley. "We are breaking new ground in the Middle East with the Fenox Global Fund IV," said Brent Traidman, general partner at Fenox. "I know of no other time that a Silicon Valley VC has used capital from Middle East investors to promote entrepreneurship in the local region." (c) 2014 ITP Business Publishing Ltd. All Rights Reserved. Provided by Syndigate.info, an Albawaba.com company |