Middle East Venture Partners (MEVP), a venture capital fund that invests in the region’s early stage technology businesses, has announced the second close of a fund at more than 30 million.

The Middle East Venture Fund II (MEVF II) is MEVP’s fourth venture capital (VC) fund, increasing the firm’s total assets under management (AUM) to $120 million, and establishing the firm as one of the largest institutional VC investors in the Mena region, a statement said.

MEVP has successfully achieved its $30 million fundraising target for MEVF II. The fund is currently oversubscribed but MEVF II might accept further subscriptions in the upcoming two weeks, according to the statement.

The fund, already operational with nine ventures executed across the region, will pursue its investment strategy in the GCC and wider Mena region, with a particular focus on technology ventures in the UAE.

Walid Hanna, managing partner of MEVP said: “With the high growth of smartphone users and e-commerce, the GCC and wider Mena region has become a breeding ground for technology start-ups that require early-stage investments to allow them to grow, succeed and create sustainable businesses. We are particularly excited by transactions in the web, mobile, and digital marketplaces across the region.”

Ihsan Jawad, managing partner of MEVP added: “Collectively, the principals of MEVP bring a wide experience from the financial and technology sectors. We are active investors and entrepreneurs who have years of both investment and operational experience, in creating, building and exiting successful companies.”

Middle East Venture Fund II (MEVF II) is leveraging MEVP’s extensive regional network to generate a flow of high quality deals and accelerate the value creation of the portfolio companies by assisting them in hiring the right talent and acquiring the needed resources to reach their full potential, the statement said. – TradeArabia News Service