Johannesburg: AfricUpdate – News Desk
VentureSouq, a GCC-based venture capital firm, announced the close of its second FinTech Fund (FinTech Fund II), reinforcing its position as a leading early-stage investor in the MENA region. The successful close marks a significant step forward for the region’s FinTech ecosystem and is supported by a top-tier group of limited partners, including Jada Fund of Funds, a PIF-owned company; Saudi Venture Capital Company (SVC); Saudi Awwal Bank (SAB); Mubadala Investment Company; Takamol Holding, Krafton, and the Innovative Startups and SMEs Fund (ISSF) of Jordan.
The new fund will focus on early-stage investments in FinTech and adjacent SaaS companies across the MENA region, targeting sectors such as payments infrastructure, alternative credit, digital banking, PropTech, InsurTech, and personal financial management. VentureSouq continues to demonstrate strong momentum in venture capital, with a growing portfolio across FinTech, climate tech, and adjacent emerging technologies.
Earlier this year, Forbes named VentureSouq one of the Top Venture Capital Firms in the Middle East for 2024, a recognition that underscores growing institutional confidence in VentureSouq’s leadership in emerging markets and its integrated approach to innovation investment. Since its inception, VentureSouq has emerged as a cornerstone investor in the MENA startup ecosystem.
Through its first FinTech fund, the firm backed over 40 early-stage startups spanning the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan. Many of these companies have since raised follow-on rounds from global investors and scaled across markets. VentureSouq provides more than just capital, it offers regulatory insight, operational support, and a hands-on, founder-first approach. Its platform connects public and private capital to drive innovation at scale across the region.
According to a recent industry report, the MENA region is projected to be the fastest-growing FinTech market globally, with expected net revenue growth of 35% annually through 2028, significantly outpacing the global average of 15%. FinTech Fund II builds on the success of VentureSouq’s first FinTech-focused fund, the first vertical fund of its kind in MENA, and highlights rising institutional confidence in the long-term potential of the region’s FinTech sector.
