Dubai – Mubasher: Nuwa Capital, a Dubai and Riyadh-based venture capital firm, announced the first close of its flagship fund, Nuwa Ventures Fund I (NVF), having raised three-quarters of its $100 million target in less than a year since its launch.

The fund mainly targets rapidly-growing markets in MENA and neighbouring geographies such as Turkey, Pakistan, and Sub-Saharan Africa, according to a press release on Tuesday.

Nuwa Capital was established in February 2020 in response to a lack of impactful operational and strategic support from investors. Hence, the fund rolled out the ‘Nuwa Network’ to help startups overcome challenges with scaling and expansion.

Furthermore, it has built its value proposition around supporting founders and companies it invests in through a structured value creation framework with a network of operating partners and through connecting the fund’s investors and Limited Partners (LPs) with the startups that are effecting change in their respective industries.

To date, the fund has signed with a selective pool of large groups and family offices who are leaders in their respective industries, including healthcare, pharmaceutical, real estate, F&B, media, and logistics.

"We expect to see companies continue to grow regionally and invest in their businesses ... As the appetite of corporates to meaningfully work with startups increasingly develops, we will be witnessing more pronounced changes across the regional ecosystem and seeing more startups reaching escape velocity," commented Partner at Nuwa Capital, Sarah Abu Risheh.

Prior to closing the fund, the team has invested in several regional companies, including Eyewa, Homzmart, and Flexxpay and is set to announce further investments in the coming weeks.