February 12, 2020: Nuwa Capital, a new fund has been launched for tech startups in the Middle East North Africa (MENA) region, including Kingdom of Saudi Arabia and UAE, East Africa, Pakistan, and Turkey. The fund was launched at the STEP conference in Dubai by its managing partner Khaled Talhouni.

The Dubai and Riyadh-based fund is targeting $100 million in commitments and would invest in direct-to-consumer (D2C), fintech, Software as a Service (SaaS), mobility, logistics, and enterprise startups, as per Menabytes.

The company is in talks with various startups and expects to close a few investments in the coming weeks.

In a blog post on Medium, Talhouni said the fund will redefine the relationship between founders and capital by providing a “progressive founder-centric approach” to investing in emerging markets.

“There exists at this moment an incredible opportunity to help build the next generation of disruptive companies that will come to define their respective industries and we at Nuwa along with our partners are primed to lead this transformation,” said Talhouni.

Former Wamda Capital managing partner Talhouni said Saudi-based conglomerate Al Faisaliah Group is joining Nuwa Capital as a strategic partner and anchor investor.

“The financial and strategic partnership between Al Faisaliah Group and the Nuwa Capital team brings together an unparalleled network across the GCC and the wider region, providing Nuwa portfolio companies unrivaled access to key markets and expertise,” he said.

Together the Nuwa team has previously invested in over 500 companies, created over $6 billion in value and has been part of the 4 largest exits in the MENA region; Souq, Careem, Namshi, and Maktoob.

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