Venture capital firm Fenox Venture Capital has launched a $100m fund targeting seed, Series A and pre-IPO deals in the US, Asia and the Middle East.
Fenox Global Fund IV, which has already secured $10m, will invest in information technology startups including internet, hardware and software, and communications as well as companies in the healthcare technology and cleantech sectors.
Fenox general partner Brent Traidman said, “We are breaking new ground in the Middle East with the Fenox Global Fund IV.
“I know of no other time that a Silicon Valley VC has used capital from Middle East investors to promote entrepreneurship in the local region.”
Fenox noted that the number the number of businesses seeking VC funding in the Middle East is small compared to more mature markets.
“Fenox sees the huge opportunity for growth in the MENA region, and so we are offering funding and expertise to a few best-in-class regional startups who we believe will provide significant long-term gain,” said Fenox general partner Kamal Hassan.
“However, by also investing in more mature companies from Silicon Valley and Asia, the fund will diversify the investors’ portfolio and create a greater return for investors.”
The new vehicle is expected to be biggest than the firm’s third fund, which had a $60m target.
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