Hasan Haider and Sharif El-Badawi, the former managing partners of 500 Startups’ MENA-focused 500 Falcons fund, have launched their own investment vehicle – the US$60 million +VC.
+VC will invest in early-stage tech and tech-enabled startups in the Middle East and North Africa (MENA) region and its diaspora. The fund will work hand-in-hand with entrepreneurs to develop and scale their business by providing capital and deep expertise in growth marketing, fundraising, global connectivity, and operations.
Between them, the +VC founding team has a significant track record of completing over 200 investment transactions since 2010, and over the next few years the firm expects to invest in more than 100 startups from its US$60 million debut fund.“We are excited to launch +VC with a differentiated investment thesis for the region. The aim of the firm is to invest in a broadly diversified portfolio of seed stage startups, targeting 120 investments over the next three years,” said Haider.
“Our five year legacy of investing in MENA and global startups has helped us build deep personal networks for exceptional deal flow. Our thesis is designed to empower startups in the rapidly growing MENA economy. We intend to leverage our expertise and knowledge to positively impact the growth of the region’s burgeoning startup ecosystem.”
El-Badawi said +VC had the advantage of using its founding team’s unique experience to do something “a little different”.
“With our team having worked and invested in many startups over the years, we can provide the right level of support to the founders that we invest in. Investment is just the first step, beyond that our founders can expect deep support from experienced practitioners from around the world and access to a unique network of operators, mentors and investors,” he said.
“We are building a thriving community of startups to support each other and increase the adoption of international standards and best practices. We look forward to partnering with extraordinary and innovative entrepreneurs to help build successful businesses and contribute to a vibrant regional economy.”