COREangels MEA Launches $10 Million Fund to Back SDG-Focused Tech Startups
COREangels MEA has announced the launch of a new $10 million investment fund aimed at supporting and nurturing technology startups across the Middle East and Africa. A key focus of the fund will be on startups whose missions and operations align with the United Nations' Sustainable Development Goals (SDGs).
Hybrid Investment Model and Innovation Studio
The new fund will operate using a distinctive hybrid model that synergizes a global network of experienced investors with deep local expertise. A central component of this model is an integrated innovation studio, which will provide hands-on operational development services to portfolio companies. This studio is designed to actively support the growth, scalability, and expansion efforts of the startups backed by the fund.
Financial and Strategic Support for Startups
COREangels MEA will offer investment support of up to $150,000 for qualifying startups. Beyond capital injection, the fund is committed to providing comprehensive advisory and technical services. These services are tailored to assist startups in navigating challenges, refining their strategies, and successfully expanding into new markets within the MEA region and potentially beyond.
Operating Under PTS Investments with a Sustainability Focus
The $10 million fund operates under the umbrella of PTS Investments. This structure emphasizes a commitment to building future-ready companies by ensuring that both investment activities and project services are closely aligned with the principles of sustainable development and the achievement of SDGs.
About COREangels MEA
COREangels MEA is part of the international COREangels network, which connects angel investors with promising early-stage startups. The MEA chapter focuses on identifying and investing in innovative technology companies within the Middle East and Africa, aiming to provide smart capital, mentorship, and access to a global network to foster their growth and impact.
Significance for MEA's Tech and Impact Investing Scene
The launch of this $10 million fund by COREangels MEA represents a significant boost for the technology startup ecosystem in the Middle East and Africa, particularly for ventures with a focus on sustainability. It addresses a critical need for early-stage funding and provides a valuable support structure that combines financial backing with practical operational and strategic guidance.
Looking Ahead
With its new fund and unique support model, COREangels MEA is poised to play an influential role in cultivating the next generation of tech entrepreneurs in the MEA region. By championing startups that are not only innovative but also contribute to sustainable development, the fund aims to generate both financial returns and positive societal impact.
Source: Jawlah