Shorooq Partners launches $150 million seed fund,

ABU DHABI, United Arab Emirates, March 23, 2022 (GLOBE NEWSWIRE) — Shorooq Partners, the leading early-stage venture capital firm investing in MENAP’s most innovative startups, has officially launched the second edition of its seed-stage fund-focused program, Bedaya Fund II, targeting a fund size of $150 million. Bedaya Fund II is a continuation of the same strategy Shorooq Partners has implemented since its inception, with the company doubling down on the early stages of the startup founder journey. This is in line with the company’s fundamental principle of acting as partners to founders, business builders and investors of value.

As was the case with the predecessor fund, Bedaya Fund II will primarily focus on pre-seed, seed, pre-Series A and Series A startups in fintech, software, vertical platforms and digital assets. Shorooq Partners recently made strides as a top player in the MENAP region with its Web 3.0 thesis. Shorooq Partners recently led the pre-seed round of Nuqtah, the first NFT born in Saudi Arabia, and will continue to focus on the booming Middle East, North Africa and Pakistan region, where the most of its companies have established their respective headquarters.

“We’ve always been pioneers, whether it’s robo-advisory, crowdfunding, SME lending, open banking, card issuer processing, etc. We believe Web 3.0 models like DeFi, NFT, Metaverse are going to be key players in the next iteration of e-commerce,” said Shane Shin, founding partner of Shorooq Partners.

“Shorooq Partners has prepared for this new wave of technology disruption, and we are well positioned to support the future category leaders of Web 3.0 in our region.”

As the Bedaya Fund II has already started to roll out, the announcements of the first investments should be made public soon. The fund currently has an exceptionally strong roster of investors from the world’s largest sovereign wealth funds, corporations, institutions and family offices. More recent investor groups include DisruptAD – ADQ’s venture capital platform, Dubai Future District Fund, Bupa Insurance, among others.

The company has made over 80 investments in over 50 companies that currently have a gross equity value of $1.5 billion. These companies have created over 5,000 jobs and include names like Pure Harvest Smart Farms, TruKKer, Capiter, Lean Technologies, Sarwa, Lendo, NymCard, Breadfast, Airlift, Mozn, Aumet, etc.

Shorooq Partners has grown rapidly over the past five years. The company is trustworthy and its funds are backed by seven sovereign wealth funds and has established a strong physical presence in six countries with exclusive on-the-ground sourcing capabilities. In 2021, Shorooq Partners announced the first round of Middle East-focused venture capital debt funds, Nahda Fund, and has actively backed some of the region’s leading companies, namely Pure Harvest Smart Farms and Retailo Technologies.

The firm has relied on its sophisticated investors and team to support its portfolio companies with a strong on-the-ground presence enabled by its network of physical offices.

The continued rise in interest from regional and international institutional investors to explore M&A opportunities in the region and to tap into emerging market startups as a differentiating pathway and a mechanism to generate higher returns creates a stronger market for releases.

“Just a few years ago, Shane and I launched Shorooq Partners from humble beginnings, initiating our first investments with only our close friends and families committed,” said Mahmoud Adi, Founding Partner. of Shorooq Partners.

“Now, with six offices in our core markets and a great team, we are humbled and privileged to be a market maker in the region’s accelerating startup ecosystem. We are proud to take on this mission of supporting founders who deserve only the best kinds of investors who can provide them with inflection points.”

About Shorooq Partners

Founded in 2017, Shorooq Partners is the leading seed-stage venture capital firm investing in the most innovative startups in the Middle East, North Africa and Pakistan (MENAP region). The company has built deep industry expertise in fintech, platforms, software and Web3.0. Shorooq Partners has backed market-leading disruptors including Pure Harvest Smart Farms, Sarwa, Lean Technologies, TruKKer, Capiter, Retailo, Airlift, Mozn and Aumet. Since its inception, Shorooq Partners has been built on the principle of being partners to founders, business builders and value investors.

Shorooq Partners is headquartered in Abu Dhabi, United Arab Emirates and has offices in Dubai, Riyadh, Manama, Cairo and Islamabad.

Shorooq Partners refers to a group of companies which are affiliated with each other and operate under this trade name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA Registration) is a member.

Contact information

For more information on Shorooq partners

Email: [email protected]

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Image 1: Founding Partners, Shorooq Partners

[Left to Right] Shane Shin and Mahmoud Adi, Founding Partners, Shorooq Partners

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