Ibtikar Fund Announces a $2.5M Capital Increase
Ibtikar Fund, Palestine’s early stage venture capital fund, announced a $2.5M capital increase in June, welcoming the International Finance Corporation, the Dutch Good Growth Fund, and Reach Holding as investors. With this closing, Ibtikar (“Innovation” in Arabic) increased its capital to $10.45M, providing it with the ability to invest in more Palestinian startups over the next three years. This marks the first investment in Palestinian venture capital by the International Finance Corporation (IFC) and the Dutch Good Growth Fund (DGGF), active worldwide investors. For DGGF, this is the first venture capital investment in MENA, the second for the IFC under its new Startup Catalyst program. Launched in May 2016, Ibtikar has made 14 investments in Palestinian startups, a growing portfolio that has already been attractive to regional and global investors.