Dubai-based venture capital firm COTU Ventures has secured $54 million for its inaugural fund that will back early-stage start-ups in the Middle East and North Africa (MENA) region.

The company, which has already supported young businesses across the region over the past two years, primarily in the UAE, Saudi Arabia and Egypt, as well as Pakistan, is looking to back pre-seed and seed start-ups with its new fund, according to TechCrunch.

Founders from the inception to post-product launch can get investments ranging between $500,000 and $2 million.

The VC firm is interested in fintech and B2B software, according to its Founder and General Partner Amir Farha, although it is open to other sectors.

“Today, businesses are lagging a bit behind, so there’s a huge opportunity to build software to help solve many of their problems,” Farha told TechCrunch.

“We are also interested in high-margin industries where technology can play a massive role and capitalise on margin efficiencies.”

The VC firm has already supported more than 20 early-stage start-ups in various sectors. Some of its noteworthy investments include UAE mortgage platform Huspy and Egyptian fintech start-up MoneyHash.

(Writing by Cleofe Maceda; editing by Seban Scaria)