New Delhi, April 14 -- Homegrown Ventures, a venture capital firm that backs early-stage consumer brands primarily from the Middle East, North Africa and South Asia, has marked the final close of its debut fund exceeding its initial target.
The fund has collected $22.8 million (around Rs 213 crore), exceeding its initial target of $20 million.
Homegrown Ventures targets early-stage "better-for-you" companies across food and beverage, health and wellness, personal and home care, and lifestyle categories.
"With over 55% of the MENA population under 35, we are witnessing a structural shift that most investors are still sleeping on. These consumers don't just want local alternatives, they are actively choosing them, demanding transparency, better ingredients and brands that reflect who they actually are," Nader Amiri, General Partner, Homegrown Ventures, said in a statement.
The fund has backed five companies so far, which are bamboo tissue brand Bambuyu, clean ingredients chocolate brand Plaay, cold pressed oil manufacturer Gramiyaa, plant-based food brand Tarwi Foods, and pet food provider PawPots.
Homegrown Ventures was set up by Amiri and Ahmad Shamieh, who have worked and scaled up portfolios at Unilever, Coca-Cola, Kraft/Mondelez, Nokia, Danone and Microsoft before becoming founders themselves.
The fund is primarily focusing on the MENA & India regions, is backing seed and pre-series A rounds in companies that are doing about $2-10 million annual revenue or lower. The average check size is about $1 million, according to its website.
"This fund exists because of a simple belief: the best consumer brands in this region will be built by people who actually understand the consumer. Not by generalist funds making a side bet; not by accelerators with a small check, (but) by operators who've sat in the same rooms, negotiated with the same retailers, and made the same mistakes," said Shamieh in a LinkedIn post.
Published by HT Digital Content Services with permission from VC Circle.