Wamda Capital secures Zain Group participation in $75mln fund

MENA Telecoms operator Zain Group is making its second foray into venture capital investing and joining the ranks of other investors with a strategic participation in Wamda Capital’s new $75 million fund. The structure and terms of the investment were not disclosed.

Wamda MENA Ventures Fund I is a planned $75 million venture capital fund which will target promising tech start-ups in the Middle East and North Africa. In February, the fund announced that it had raised $55.7 million from 26 LPs with the U.S. Securities and Exchange Commission, followed by a $10 million commitment from the IFC in late May.

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