Mubasher: GCC-based venture capital firm VentureSouq has closed its second FinTech Fund (FinTech Fund II), anchoring its position as a leading early-stage investor in the MENA region, according to a press release.
The transaction was supported by a top-tier group of limited partners, including PIF-owned Jada Fund of Funds, Saudi Venture Capital Company (SVC), Saudi Awwal Bank (SAB), Mubadala Investment Company; Takamol Holding, Krafton, and the Innovative Startups and SMEs Fund (ISSF) of Jordan.
The new fund will focus on early-stage investments in the fintech ecosystem and adjacent SaaS companies across the MENA region.
It will target key sectors, such as payments infrastructure, alternative credit, digital banking, PropTech, InsurTech, and personal financial management.
Suneel Gokhale, General Partner at VentureSouq, said: “This new fund allows us to keep pushing that momentum forward with strong support from partners who understand the regulatory and market dynamics critical to scaling ventures here.”
Maan Eshgi, General Partner at VentureSouq, added: “With Fund II, we’ve built on the foundation we established with Fund I - assembling a strategic LP base that understands the evolving MENA venture landscape and is positioned to actively support our portfolio companies as they scale across the region.”
Saeed Assiri, Chief Innovation Banking Officer at SAB, commented: “We believe strongly in the transformative potential of MENA’s FinTech sector and in the value of building enduring foundations that will enable its growth for decades to come.”
Through its first FinTech fund, VentureSouq backed over 40 early-stage startups spanning the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan.
