Two former managing partners at venture capital (VC) firm 500 Startups Mena have started a $60 million VC fund of their own.
Sharif El-Badawi and Hasan Haider have launched Plus Venture Capital (+VC) which aims to invest in 120 early stage startups across the Mena region over the next three years.
The firm is based in Bahrain with offices in the UAE, Saudi Arabia and Egypt.
The two founders plan to use their experience of investing in startups from the tech sector to “design a fund to empower the ecosystem in this rapidly growing region” according to a statement.
“Investment is just the first step, beyond that our founders can expect support from experienced practitioners from around the world and access to a unique network of operators, mentors and investors,” said El-Badawi.
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