Page All:
Page 1
Palestinian Technology Venture Fund MEVCF Launches Operations
First Venture Capital Fund Targeting Palestinian Tech Companies
RAMALLAH, Palestine, March 9, 2011/PRNewswire/ -- MEVCF - The Middle East Venture Capital Fund announced today that it
has secured $28.7M from leading international companies, foundations, and
other investors for the first venture fund targeting Palestinian technology
companies. The Fund is beginning to evaluate investment opportunities from
its office in Ramallah.
MEVCF's investors include Cisco, Google, The Soros Economic
Development Fund, Skoll Foundation, Jean and Steve Case, and the European
Investment Bank, among others.
The Fund will be managed by Saed Nashef, a software
entrepreneur and industry veteran who recently returned to the region after
nearly two decades in the US, and Yadin Kaufmann, a longtime venture
capitalist in the US and Israel.
"We believe the Palestinian technology sector offers
significant prospects for economic development and job creation," said
Nashef. "There is a vibrant community of software entrepreneurs who have 'the
right stuff'. We and our investors will aim to provide the access to risk
capital and to international markets that these entrepreneurs need in order
to compete on the world stage."
The MEVCF fund will invest in startup companies in the
internet, mobile and software sectors created by ICT entrepreneurs in the
West Bank. Palestine IT and software exports have grown consistently over the
last decade. Several major multinational technology companies including
Cisco, HP, Intel, and others have begun outsourcing development work to
Palestinian software companies, capitalizing on the educated and
entrepreneurial population and developed IT infrastructure, which includes
several thousand skilled Palestinian engineers and 13 higher learning
institutions.
"We are pleased to have the Google Foundation participate in
the Middle East Venture Capital Fund as part of our effort to enhance
Palestinian economic capacity in the ICT sector," said Google's Director of
New Business Development, Gisel Kordestani.
Yoav Samet, Cisco's Senior Director of Corporate Development
for Europe and Emerging Markets, said, "Our investment in the MEVCF further
extends Cisco's commitment towards creating a sustainable Palestinian
technology sector. We are looking forward to supporting, through our
involvement in this Fund, the development of innovative Palestinian
technology companies."
Jean Case, CEO of the Case Foundation and co-Chair of the
Middle East Strategy Group of the Aspen Institute, early supporters of the
Fund, said: "We see tremendous potential value in technology firms in the
West Bank and believe the fund will make a significant contribution to
creating prosperity and stability in the region."
Philippe de Fontaine Vive, European Investment Bank VP
responsible for Mediterranean partner countries, said: "The successful launch
of this fund sends an important message across the region. The fund is
expected to make a key contribution to the development of the local
technology and financial sectors through combining international industry
experience and risk capital, with the untapped talent pool and
entrepreneurial energy in the Palestinian territories. I am delighted that
EIB is associated with such initiative."
"The Soros Economic Development fund believes that the MEVCF
can be an important catalyst for technology startups, providing jobs and
keeping skilled engineers and programmers in Palestine," said Michel Zaleski,
one of the Soros Fund's directors.
For additional information contact:
Saed Nashef, saed@mideastvc.com, +972-2-240-9105/7
Yadin Kaufmann, yadin@mideastvc.com, +972-9-956-1621 ext. 2
Source: The Middle East Venture Capital Fund
Saed Nashef, saed@mideastvc.com, +972-2-240-9105/7 ; Yadin Kaufmann, yadin@mideastvc.com, +972-9-956-1621 ext. 2
Palestinian Technology Venture Fund MEVCF Launches Operations
First Venture Capital Fund Targeting Palestinian Tech Companies
RAMALLAH, Palestine, March 9, 2011/PRNewswire/ -- MEVCF - The Middle East Venture Capital Fund announced today that it
has secured $28.7M from leading international companies, foundations, and
other investors for the first venture fund targeting Palestinian technology
companies. The Fund is beginning to evaluate investment opportunities from
its office in Ramallah.
MEVCF's investors include Cisco, Google, The Soros Economic
Development Fund, Skoll Foundation, Jean and Steve Case, and the European
Investment Bank, among others.
The Fund will be managed by Saed Nashef, a software
entrepreneur and industry veteran who recently returned to the region after
nearly two decades in the US, and Yadin Kaufmann, a longtime venture
capitalist in the US and Israel.
"We believe the Palestinian technology sector offers
significant prospects for economic development and job creation," said
Nashef. "There is a vibrant community of software entrepreneurs who have 'the
right stuff'. We and our investors will aim to provide the access to risk
capital and to international markets that these entrepreneurs need in order
to compete on the world stage."
The MEVCF fund will invest in startup companies in the
internet, mobile and software sectors created by ICT entrepreneurs in the
West Bank. Palestine IT and software exports have grown consistently over the
last decade. Several major multinational technology companies including
Cisco, HP, Intel, and others have begun outsourcing development work to
Palestinian software companies, capitalizing on the educated and
entrepreneurial population and developed IT infrastructure, which includes
several thousand skilled Palestinian engineers and 13 higher learning
institutions.
"We are pleased to have the Google Foundation participate in
the Middle East Venture Capital Fund as part of our effort to enhance
Palestinian economic capacity in the ICT sector," said Google's Director of
New Business Development, Gisel Kordestani.
Yoav Samet, Cisco's Senior Director of Corporate Development
for Europe and Emerging Markets, said, "Our investment in the MEVCF further
extends Cisco's commitment towards creating a sustainable Palestinian
technology sector. We are looking forward to supporting, through our
involvement in this Fund, the development of innovative Palestinian
technology companies."
Jean Case, CEO of the Case Foundation and co-Chair of the
Middle East Strategy Group of the Aspen Institute, early supporters of the
Fund, said: "We see tremendous potential value in technology firms in the
West Bank and believe the fund will make a significant contribution to
creating prosperity and stability in the region."
Philippe de Fontaine Vive, European Investment Bank VP
responsible for Mediterranean partner countries, said: "The successful launch
of this fund sends an important message across the region. The fund is
expected to make a key contribution to the development of the local
technology and financial sectors through combining international industry
experience and risk capital, with the untapped talent pool and
entrepreneurial energy in the Palestinian territories. I am delighted that
EIB is associated with such initiative."
"The Soros Economic Development fund believes that the MEVCF
can be an important catalyst for technology startups, providing jobs and
keeping skilled engineers and programmers in Palestine," said Michel Zaleski,
one of the Soros Fund's directors.
For additional information contact:
Saed Nashef, saed@mideastvc.com, +972-2-240-9105/7
Yadin Kaufmann, yadin@mideastvc.com, +972-9-956-1621 ext. 2
Source: The Middle East Venture Capital Fund
Saed Nashef, saed@mideastvc.com, +972-2-240-9105/7 ; Yadin Kaufmann, yadin@mideastvc.com, +972-9-956-1621 ext. 2