Ibtikar Fund An­nounces a $2.5M Cap­i­tal In­crease

Arabnet - The Quarterly - - Industry Stories -

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.

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