Middle East Venture Partners (MEVP) yesterday announced their $250M VC fund focused on investing in startups in MENA and Turkey. This makes it the region’s largest non-corporate VC fund and second largest VC fund following Saudi Telecom’s $500M venture fund ST Ventures.
Given the large fund size, MEVP is likely to focus on larger transactions beyond the seed and series A stages, and increasingly in the Series B and C stages. In Turkey specifically, the availability of capital in the latter stages is lower than that in the former stages, so this move makes strategic sense for investments in Turkey. I imagine that the same holds true for the MENA region.
I had the opportunity to work with the MEVP team following their co-investments in Turkish female fashion marketplace Modacruz and Istanbul’s inner city ridesharing app Volt, and congratulate the team on their new fund.