MEVP Reaches a First Close for Middle East Venture Fund II and Approves Four Investments (MENA)
Source: Middle East Venture Partners
Middle East-focused venture capital firm Middle East Venture Partners (MEVP) has held a first close for Middle East Venture Fund II (MEVF II) with US$15 million in capital commitments. MEVF II, which has a target of US$30 million and aims to close in the second quarter of 2015, will make Series A investments of US$500,000 to US$3 million in early stage web and mobile businesses in the Middle East. To date, MEVF II has approved four investments, including: YouGotAGift.com, a United Arab Emirates-based digital gift card company; Lamsa, a Saudi Arabia-based digital library; The Luxury Closet, a United Arab Emirates-based online marketplace for pre-owned luxury goods; and Altibbi, a Jordan-based digital medical content platform.