MEVP is to close its Impact Fund, a venture capital fund that is valued at $50M. MEVP will use this fund, sponsored by Blominvest Bank and MedSecurities Investment, to invest in early and growth stages of innovative companies.
MEVP’s fund committee has already sanctioned 5 investments for a total sum of $12.5M, 4 of which are closed. The fund acts as an incentive for Lebanese entrepreneurs, located in Lebanon or abroad, that include Lebanon as a launching pad. The 4 companies to have closed financing agreements with MEVP are Mobinets, Fuel, Klangoo SAL and Fadel Partners, with each company to receive respective amounts of $3M, $2M, $1.5M, and an undisclosed amount.
MEVP will also invest in Bookwitty SAL, which intends on acquiring a $4M investment, towards the end of 2014.
The aim of the fund is to finance between 20 and 25 startups over the next 4 years, and is the first venture capital to earn approval of the Central Bank and consideration of compliance with the BDL Intermediate Circular 331.
MEVP, which currently holds anchor investors including BankMed, Blominvest Bank, Bank Audi, Crédit Libanais and Al Mawarid Bank, had its first closing on October 24th, 2014. The fund will be reopened in November.