North African countries to benefit from new VentureSouq fintech fund

GCC VC firm VentureSouq has launched the first vertical fund in the region— a USD 50mn MENA FinTech Fund I that will not only invest in the Middle East and North Africa but also Pakistan (MENAP).

The VC firm is of the belief that the fintech industry in MENAP is still fledgling and it will invest in early-stage fintech and SaaS companies that focus on payments infrastructure, alternative credit, digital banking, proptech, insurtech and financial management.

The fund is backed by Saudi Venture Capital Company (SVC), the Jada Fund of Funds, Bahrain’s Al Waha Fund of Funds, UAE’s DisruptAD, ADQ’s venture platform, Mubadala Investment Company and OFC—the Middle East investment arm of The Olayan Group.

VentureSouq was established in 2016 by Suneel Gokhale, Maan Eshgi, Sonia Gokhale, Tammer Qaddumi and Sonyia Weymuller. It has operations in the UAE, Egypt and Saudi Arabia. It recently invested in Trella, a Cairo-based freight digital market place, alongside Maersk Growth.