Saudi Emkan Capital to support regional startups through $31mln fund

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Riyadh – Saudi Arabia-based venture capital (VC) firm Emkan Capital has launched its $31 million fund, dubbed Emkan Capital Fund I (ECP I), to oversee strategic investments in pre-seed and seed-stage enterprises with high-growth potential in key technology subsectors.

ECP I will target business models in fintech, e-commerce, and logistics, as well as spanning frontier sectors like artificial intelligence (AI), cyber, cloud, and health tech across the MENA region, according to a press release.

The fund drew investment from institutions and businesses worldwide, attracting a third of the capital from Silicon Valley-based partners.

Emkan Capital focuses on early-stage technology startups across the GCC and broader MENAP, with the current portfolio including InvestSky, NovoGenomics, FENIX, Trukkin, Mojo, Awaed, and Hubpay. It also works with founders across Saudi Arabia, the UAE, the US, and Asia.

The newly launched fund is anchored by several investors including Saudi Arabia’s sovereign wealth fund Jada Fund of Funds in addition to foreign investors such as Ori Sasson.

General Partner at Emkan Capital, Ghassan Aloshban, said: “We are excited to launch such an important fund, which will help bridge the knowledge and funding gap that is stifling many founders’ ambitions and limiting growth opportunities.”

Aloshban added: “We want to provide capital, but much more than that we want to offer guidance and support to the local talent on their journey to building great businesses.”