Plus VC establishes $60M capital fund to invest in 4 Arab countries including Egypt

CAIRO – 12 October 2020: Plus Venture Capital (+VC) company, announced, Monday, the establishment of an investment capital fund of $60 million, to invest in 120 startups in the Middle East and North Africa, amid the surge in resorting to technological solutions driven by the coronavirus pandemic.

The fund will operate through its offices in Saudi Arabia, Bahrain, the Emirates and Egypt, according to a company press release.

The fund will focus on investing in technology-based startups in the most important sectors, including financial technology, health technology, and educational technology, in addition to logistics, content and e-commerce.

This comes at a time when investment fund managers say that capital "is barely keeping pace with the race of innovation in the Middle East."

he Middle East and North Africa region has emerged as a major supportive environment for startups, after witnessing several recent acquisitions, such as the acquisition of Careem by Uber, worth $ 3 billion, in 2019.

Amazon also acquired Souq website in 2017, and the region provides a promising market with more than 400 million people brought together by similar cultures and languages.

Although the market is still emerging, it is growing rapidly with increased financing and acquisition opportunities year after year, which in itself indicates the tremendous early investment opportunity for which Plus VC was established.

Plus VC is specialized in capital investment.

According to regional data platform MAGNiTT, more than $ 659 million was invested in startups in the MENA region in the first half of 2020, which represented an estimated 95 percent of total investment in startups in the previous year. Despite the impact of the Corona pandemic.