UK investment firm Hambro Perks has announced the first close of its US$50 million Oryx Fund.
The Abu Dhabi-based venture capital vehicle will target early stage start-ups in the Mena region.
Notably, Oryx is the first Western venture capital fund to be backed by Public Investment Fund (PIF), the Saudi sovereign wealth fund, which has made an investment via its Jada fund of funds unit.
Other investors include Saudi Venture Capital, Riyadh Valley and a number of regional family offices.
The fund will target startups in the fintech, health and education technology spaces.
“There is a wealth of talented entrepreneurs developing innovative businesses and we are excited about partnering with them to help them develop their ideas and scale their companies,” said Dominic Perks, co-founder and chief executive of Hambro Perks and one of the fund’s three general partners.
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