WALID HANNA I CEO I MEVP
The status of the VC ecosystem in the region today to be nascent relative to its global counterparts, but with vast potential given upward trending macro factors. Much of the growth in the ecosystem today is driven by improving macro factors within the region: Increasing smartphone adoption, increasing internet connectivity, increasing adoption of cashless financial transactions, growing population of “under 30”/”tech-savvy” cohort. As a result of these improving macro trends, we’re already witnessing growth of the regional ecosystem as investors, both local and international, recognize the potential of startups to capitalize on them. With that said, we do believe the regional technology sector lacks Series B and late stage growth capital. We see international investors reaping the rewards of the opportunity in later stage funding in the MENA region. Such “capital void” highlights a compelling opportunity for MEVP, with the region’s largest VC fund (newly launched MEVF III) to play a significant role moving forward.