Nuwa Capital, based in Dubai, has announced the first closure of its Nuwa Ventures Fund I-NVFI debut fund, set up to invest in startups from various regions around the world, including Pakistan. As it is all set to become one of the largest VC funds in the Middle East, the venture capital aims for another close of about $100 million this year.
Three investors – Khaled Talhouni, Sarah Abu Risheh, and Stephanie Nour Prince – founded the company earlier last year. They have already invested in three UAE and Egyptian companies and are planning to add even more companies to their portfolio before the end of the year. If we consider the company’s past investments, the new investments may include many emerging Pakistani startups.
In a year forever marked by an update of how our economies and societies have traditionally functioned, we launched the fund. The unprecedented adoption of technology, especially in emerging markets, was at the heart of that shift. Khaled Talhouni, a Managing Partner at Nuwa Capital, with a strong portfolio of past investments in companies such as Careem, Mumzworld, Twiga Foods, Insider, and Nana Direct, stated that this is a once-in-a-generation opportunity for us to reshape our economies around innovation and entrepreneurship and to prime our societies for decades of positive growth.
Investors or limited partners in the latest effort of Nuwa Capital include a combination of Middle East corporations, family offices, and funds, including the Saudi conglomerate, Al Faisaliah Group, which is partnering as an anchor investor.
Some of Nuwa Capital’s significant investments so far include the Eyewa online eyewear store, the Homzmart furniture marketplace, and FlexxPay, the employee payment solutions provider.