VentureSouq Fund Aims to Boost MENA FinTech Innovation

VentureSouq, a GCC-based venture capital firm, has announced the successful closing of its second FinTech fund, FinTech Fund II. This significant development reinforces the firm's commitment to early-stage investments within the Middle East and North Africa (MENA) region. FinTech Fund II is backed by a distinguished group of limited partners, including Saudi Arabia's Jada Fund of Funds and Saudi Venture Capital Company (SVC), alongside Mubadala Investment Company and Saudi Awwal Bank. Building upon the success of its predecessor, launched in 2021, FinTech Fund II will strategically invest in FinTech and related Software-as-a-Service (SaaS) companies. The fund's investment thesis extends across diverse sectors beyond payments, encompassing alternative credit, digital banking, PropTech, and InsurTech. This initiative continues VentureSouq’s established trajectory, with its first FinTech fund having supported over 40 startups. The firm's proven track record in fostering regional innovation is highlighted by its portfolio of successful investments in high-growth companies such as the buy-now-pay-later platform Tabby and the digital real estate platform Huspy.