Dubai-based Global Ventures, a venture capital firm established by Noor Sweid who was previously involved with the Dubai Future Foundation and Leap Ventures, has secured $50 million in capital.
This, according to Basil Moftah, the firm’s managing partner, who shared the details of the investment with MENAbytes on April 10, 2020.
The Global Ventures fund has reportedly been making strategic investments in various local startups across the Middle East region during the past two years.
Global Ventures is funded by Jada, the $1 billion “fund of funds” established by Saudi Arabia’s Public Investment Fund, UAE’s Mubadala, Abu Dhabi Investment Office, among others.
The fund has placed investments in fifteen promising startups, which include Elmenus, Floranow, HolidayMe, Kitopi, Mamo Pay, Mumzworld, Tribal Credit, and SpiderSlik.
Global Ventures is managed by Noor Sweid who previously served as managing partner at Leap Ventures and recently worked at the Dubai Investment Foundation, as the chief investment officer of Dubai Future Foundation.
Basil Moftah also helps with running Global Ventures. He previously served as the president of Intellectual Property & Science at Thomson Reuters. Moftah was also responsible for managing the acquisition of Zawya for Thomson Reuters. In 2016, Moftah notably helped exit a $1 billion revenue division of Thomson Reuters to a private equity company for $3.55 billion.
The company usually makes investments in startups with a high revenue potential. Most of these initiatives are based in the MENA region.
As mentioned on its official website, Global Ventures is actively looking for early-stage firms that are revenue-generating, scalable, capital-efficient, and have a clearly planned path to exit.