Venture capital firm, Nuwa Capital, has pulled in US$75 million on the first close of its flagship Nuwa Ventures Fund.
The fund is focused on fast growing markets in the Mena region and neighbouring Turkey, Pakistan and sub-Saharan Africa.
It was launched in February 2020 by Khaled Talhouni, Sarah Abu Risheh and Stephanie Nour Prince, with an investment target of $100 million.
According to managing partner, Talhouni, the fund launch was in response to “a lack of operational and strategic support from investors” for startups in the region.
“We launched the fund in a year forever marked with the upending of how our economies and societies have traditionally functioned,” said Talhouni.
“This is a once-in-a-generation opportunity for us to reshape our economies around innovation and entrepreneurship and prime our societies for decades of positive growth.”
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