MSA Capital, the Chinese VC firm that has been investing in the Middle East & North Africa for years, and was one of the ealry investors in companies like Tabby and Kitopi, is planning to raise a billion-dollar fund focused on MENA, its Managing Partner Ben Harburg told different media outlets.
The firm, according to Bloomberg, has previously raised $555 million across three funds in the Gulf region. It counts Saudi’s Jada and SVC, and Bahrain’s Al Waha among its investors.
MSA plans to use the latest vehicle to fund pre-IPO startups across the region. It is currently in talks with different investors in the Middle East and plans to launch the fund within this year.
If MSA is able to raise the said amount, it will become the largest VC fund in the Middle East. The debut fund of Saudi Technology Ventures (more commonly known as STV), at $500 million, is currently the largest VC fund in the region. STV raised $300 million for its second fund. Both the funds are backed by a solo LP; Saudi Telecom (STC).
MSA Capital until now has mostly invested in Series A/+ startups in the region. Its notable investments other than Tabby and Kitopi, include Saudi’s Sary, UAE’s Qashio, Egypt’s Thndr, Turkey’s Getir, and Pakistan’s PostEx.
