Oct 08 2012
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Venture fund closes four new investments in regional technology start-ups
Middle East Venture Fund, managed by Middle East Venture Partners, closed four new series-
-A investments in the third quarter of 2012 in regional start-up companies in the technology space, according to a person close to the deals.
Wixel Studios, a Lebanon-based independent developer of games for smartphones and tablet users in the Arab world received a co-investment from MEVF along with the Beirut-based Berytech Fund. Wixel was founded by Ziad Feghali, Reine Abbas and Karim abi Saleh.
Another Lebanon-based company, Shahiya.com, a website and mobile application for user-generated Arabic food recipes received investment from MEVF to expand operations. The company publishes its content on both Arabic and English portals and on its mobile application. Its founders and shareholders include: Hala Labaki, Daniel Neuwirth, Carol Makhoul and Cesar Gemayel.
MEVF also invested in Gate2Play, a Jordan-based end-to-end e-payment aggregator that provides e-payment solutions. The company is currently working to provide monetization for all types of internet companies selling physical and virtual goods in the Arab world.
The fund also invested in The Luxury Closet , a USE-based online market platform for luxury bags, mostly pre-owned, being sold at discounted prices. The company was founded by Kunal Kapoor.
MEVP also made a second round of funding in the music portal Anghami.com, thus increasing its aggregate investment in the website to USD 1 million.
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