MEVP Announces Closure of Its Early-stage Fund
The vintage 2011 fund was closed in 2023, while the S&P 500 recorded returns of approximately 3.6x during the same period.
Middle East Venture Partners (MEVP) has announced the closure of its first $10M early-stage fund, Middle East Venture Fund I (MEVF I), achieving a cash-on-cash return of 2.5x.[1]
The vintage 2011 fund was closed in 2023, while the S&P 500 recorded returns of approximately 3.6x during the same period.
MEVP, I was the first fund with a GP-LP structure in the Middle East and North Africa. The $10 million fund made seed investments with check amounts ranging from $200,000 to $1 million in businesses throughout the area.
MEVP said that the fund's portfolio companies produced investments totaling slightly more than $200 million and directly employed over 1,000 people.
The company announced that 29% of the fund-backed businesses had been written down. Two of the portfolio companies, TreasuryXpress and The Luxury Closet, earned returns of three to seven times, while the other five, including Instabug and Lamsa, delivered returns in the range of one to three times.
With gains in the range of seven to ten times, Anghami, Hyperpay, and Shahiya were the fund's top performers.
MEVF I had invested in businesses in Saudi Arabia, Lebanon, Jordan, Egypt, the UAE, and the gaming, media, and streaming industries as well as fintech and SaaS.