TLDR:
- Regional venture capitals in the Middle East and North Africa region have successfully attracted new investments.
- Key elements of the article include the refueling of funds for multiple firms, including Lebanon-based Globivest, China’s MSA Novo, and the UAE’s Technology Innovation Institute.
Regional venture capitals in the Middle East and North Africa have garnered new investments from firms like Lebanon’s Globivest and China’s MSA Novo. Globivest, founded in 2016, has transitioned into an institutional venture capital firm targeting startups in critical areas such as social inclusion, education, health, and environmental sustainability. MSA Novo, on the other hand, has received a $5 million investment from Jordan-based Innovative Startups and SMEs Fund and operates as a global venture capital firm specializing in emerging technology sectors across various regions. Additionally, the UAE’s Technology Innovation Institute has unveiled the Falcon Foundation, a $300 million non-profit entity aimed at boosting open-source AI development. The foundation will spearhead the development of open-source generative artificial intelligence models, providing a platform for collaboration among developers, academic institutions, industry leaders, and individuals.
Other developments include Morocco-based Logidoo raising $1.55 million in a funding round from various investors, and UAE-based fintech startup Kema closing a $2 million pre-seed funding round to enhance its Software-as-a-Service platform for SMEs in managing finances. The article highlights the importance of these investments in fostering innovation, collaboration, and sustainable growth in the region’s venture capital landscape.
