Exclusive: Former Abraaj venture Wamda Capital to launch second $70m VC fund - The National

Exclusive: Former Abraaj venture Wamda Capital to launch second $70m VC fund - The National:

Wamda Capital, the venture capital company that emerged out of an entrepreneurship platform set up by Abraaj Capital, is planning the first close of its second $70 million (Dh257m) investment fund in early 2019, a partner at the firm said.

The Dubai VC company, which launched an inaugural $70m fund in 2015, is courting the same set of investors but hopes to attract new partners, said Fares Ghandour. The first fund, which is estimated to have allotted at least 80 per cent of its money by the end of this year, counted: now-embattled private equity firm Abraaj; the International Finance Corporation, an arm of the World Bank; Kuwaiti telco, the Zain Group; family offices; and other partners, as investors.

The new vehicle “will be the continuation of funding for the young demographic shift that is happening in these markets and companies that are looking to solve challenges for the up and coming, connected generation,” said Mr Ghandour.