The fund has been established in partnership with Hong Kong's IMM Investment Global.
UAE-based Shorooq Partners has launched Nahda Fund I, MENA’s first dedicated venture debt fund, which aims to provide founders with a non-dilutive means of financing that requires little to no equity stakes to raise funds, and is a long-standing form of venture investment in the US and Europe.
Venture debt has recently seen a surge in emerging markets such as India, China and Southeast Asia but is yet to be widely adopted in the MENA region. “One of Shorooq’s long standing commitments has been to connect our region with the rest of the world. We are humbled by the international interest toward MENA’s venture ecosystem and will dedicate ourselves to continue building the bridge connecting global investors with the best startups in the region,” said Shorooq Partners founder Shane Shin.
Launched this past June, the fund has already poured the majority of its capital, including its investment, into Pure Harvest, an agri-tech company tackling the region’s agriculture with climate-controlled smart farms.
The fund was created in partnership with IMM Investment Global, an arm of the Hong Kong-based IMM Investment with over two decades of investment management experience.