UAE’s Greenstone Equity Partners collaborates with Middle East Venture Partners
Greenstone Equity Partners, one of the largest independent fund placement firms in the Middle East, has entered into a partnership with Middle East Venture Partners (MEVP), the largest independent venture capital firm in the Middle East, to raise capital for their MEVF II fund aimed at driving the growth of the Middle East’s digital economy.
Under the new collaboration, Dubai based Greenstone Equity Partners will work towards raising USD15 million for the second closing of MEVF II, which is the fourth fund introduced by MEVP. With an objective to leverage the large digital market offering that is being driven by rapidly changing consumer habits, including smartphone adoption, e-commerce and internet usage, the MEVF II fund is focused towards realizing innovative projects in the digital space.
“We are delighted to collaborate with MEVP to introduce a regional fund for our investors that builds on the massive potential of the Arab world’s digital economy”, said Alex Gemici, CEO, Greenstone Equity Partners.
“The market indicators for the region’s digital space are strong and we are excited to build upon this opportunity that also encourages the regional entrepreneurial ambitions. The MEVF II fund is well aligned with Greenstone’s existing capital structure that allows us to help investors grow their businesses while also contributing towards larger economic welfare.”
“We see tremendous value in our partnership with Greenstone Equity Partners and we are confident of their expertise and industry network in the region, which will be vital to attract investors for the MEVF II fund”, said Walid Hanna, Managing Partner of Middle East Venture Partners. “Our ability to successfully identify early stage companies with high growth potential has been a key element for our success and this approach has allowed numerous entrepreneurs to join us. With today’s announcement, I firmly believe that this partnership will put us in the perfect position to pursue our wider strategic vision of successfully managing innovative companies.”
MEVP have been investing in over 25 technology companies since 2010. With offices in Beirut, Dubai and Silicon Valley, the company has over USD100 million in assets under management. MEVP primarily focuses on consumer technology, consumer products, digital companies, internet start-ups and enterprise companies.
At the end of 2014, MEVP announced its plan to invest in more than a dozen digital media companies in the UAE over the next three years with an investment of AED110 million. Successful digital companies in its portfolio include Anghami, The Luxury Closet, Al Tibbi, and YouGotaGift.