Mena-based funds are seeking to play their part in closing the gender funding gap after pledging to invest more than $70 million in female-led companies by 2020.
The capital commitment came in response to the launch of the Billion Dollar Fund for Women (TBDF) by a consortium of women fund managers with the intention of raising more than $1 billion for women-founded companies.
Following its launch in October, the fund has now raised more than $500 million in capital. Among the Mena-based investors are Dubai-based venture capital firms Mindshift Capital and Global Ventures and Cairo-based Flat 6 Labs.
“We are investing in women-led tech companies in the Mena region because they deliver high financial returns and are often undervalued,” said Heather Henyon, founding general partner of Mindshift Capital.
“Arab women entrepreneurs represent an integral part of founders in the region and tend to build businesses around problems that they face in their lives,” added Henyon. “As a women-led fund manager based in the region, we understand and value these opportunities.”
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