EIB to invest in Middle East Venture Fund's $150M fund
European Investment Bank (EIB) set to pump in $27 million in the Middle East Venture Fund's $150 million fundraise.
The European Investment Bank (EIB) is pumping in $27 million in Middle East Venture Fund IV (MEVF IV) of $150 million. This investment will be done through its new dedicated development finance arm under EIB Global.
This new fund launched by MEVP will focus on making a targeted investment in high-growth sectors like ecommerce, health, and edtech in the Middle East and North Africa (MENA) region and Pakistan.
The EIB is the first anchor investor into MEVF IV, said Gelsomina Vigliotti, Vice President of EIB.
The EIB recognises the role of venture capital and works with leading VC partners to unlock high-impact investments. It is also the first anchor investor in MEVF IV. The focus is to enable local companies to grow and build for digital commerce, healthcare, and education services.
The MEVP will help in guidance and will focus on long-term investment across the region for early-stage and growth companies, according to a statement. It will help local companies harness business opportunities created by the pandemic and support the creation of over 8,000 jobs.
The MEVP in the past 12 years has backed over 60 tech startups in the Middle East.
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Edited by Akanksha Sarma
