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IFC backs Wamda Capital for MENA-focused tech VC fund

13 Jan 2014

MENA-focused investment firm Wamda Capital is to partner with the World Bank’s International Finance Corporation (IFC) to launch a new technology venture capital fund targeting the region, according to WSJ.

IFC will cornerstone the new vehicle with a commitment of between $10m and $15m, which will look to raise $75m by April. The fund will target Series A rounds of between $1m and $3m, the report said.

Wamda Capital was launched by local entrepreneur Fadi Ghandour, who previously founded logistics group Aramex. The firm’s Wamda Capital Fund invests in early stage startups in the MENA region, targeting both tech and non-tech-focused opportunities. The firm’s portfolio includes online Arabic book retailer Books.com.eg and online career network Akhtaboot.

Ghandour also co-founded seed investor MENA Venture Investments and is a board member at Abraaj Capital.

Last year, IFC launched its latest private investment fund targeting the MENA region with a $400m commitment. The MENA SME Facility saw the IFC partner with the European Investment Bank alongside development finance group Agence Française de Développement and the European Commission’s Neighbourhood Investment Facility.

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