Palestine Investment Fund, which is a cornerstone investor in PGCF, will also co-invest in the company through its small and medium sized enterprise programme.
Anoud said the funding would help it increase its product offering and expand into other countries. The business, which was founded in 1996, is one of the largest toy makers and distributors in Palestine.
Abraaj partner and MENA head Ahmed Badreldin said, “Our investment in Anoud Games underlines The Abraaj Group’s commitment to the SME space in Palestine through our Palestine Growth Capital Fund.
“Anoud Games is now well-positioned to increase its product range and geographic reach in order to capitalize on the attractive regional demographic trends in this underserved subsector.”
PIF chairman and CEO Mohammad Mustafa said, “Anoud Games represents Palestinian entrepreneurship and business resilience at their best.
“We are especially proud of this investment because the company is a Jerusalem-based Palestinian company.
“We look forward to Anoud’s success in realizing its growth targets, and are certain that PIF ’s and Abraaj’s involvement will provide Anoud with all the help and support it needs to achieve these objectives.”
Abraaj opened an office in Palestine in 2010 and hired Fayez Husseini to run its $50m SME-focused PGCF fund.
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