UAE-based venture capital firm VentureSouq has successfully closed its second dedicated fintech fund, backed by a powerful consortium of the region’s leading sovereign and institutional investors. The successful close reinforces VentureSouq’s position as a key early-stage investor and signals strong institutional confidence in the future of the MENA fintech sector.
The fund’s top-tier limited partners include Saudi Arabia’s Jada Fund of Funds (a PIF-owned company) and Saudi Venture Capital (SVC), the UAE’s Mubadala Investment Company, and Jordan’s Innovative Startups and SMEs Fund (ISSF), among others.
By The Numbers
- Fund Name: FinTech Fund II
- Focus: Early-Stage FinTech & SaaS
- Geography: MENA Region
- VentureSouq AUM: ~$250 Million
Backed by a Consortium of Regional Powerhouses
VentureSouq has assembled a highly strategic LP base for its second fund. The involvement of major players like Jada, SVC, and Mubadala is designed to provide more than just capital. This consortium will offer invaluable support to portfolio companies as they navigate complex regulatory environments and scale across different markets in the region. Other key backers include Saudi Awwal Bank (SAB), Takamol Holding, and Krafton.
“With Fund II, we’ve built on the foundation we established with Fund I – assembling a strategic LP base that understands the evolving MENA venture landscape and is positioned to actively support our portfolio companies,” said Maan Eshgi, General Partner at VentureSouq.
Doubling Down on MENA’s Fintech Boom
The new fund will continue to focus on early-stage investments in fintech and adjacent SaaS companies. The target sectors include high-growth areas such as payments infrastructure, alternative credit, digital banking, PropTech, InsurTech, and personal financial management. This thesis is well-timed, as the MENA region is projected to be the world’s fastest-growing fintech market, with expected annual revenue growth of 35% through 2028.
Building on a Proven Track Record
This new fund follows the success of VentureSouq’s first fintech-focused fund, which launched in 2021 and invested in over 40 startups. The firm has a history of backing some of the region’s most successful high-growth companies, including Tabby, Huspy, Yassir, Salla, and Mozn.
About VentureSouq
VentureSouq is a GCC-based venture capital firm focused on early-stage technology investments. With a strong track record in fintech, climate tech, and other emerging sectors, the firm provides capital, regulatory insight, and operational support to its portfolio companies across the MENA region and globally.
Looking Ahead
The closing of VentureSouq’s second fintech fund, backed by such a powerful group of LPs, is a major vote of confidence in the long-term potential of the MENA fintech ecosystem. It ensures that a significant pool of dedicated, expert capital is available for the next generation of founders. Furthermore, the deep involvement of sovereign and institutional players will likely smooth the path for startups to achieve cross-border growth and success.
Source: Wamda
