New Delhi, June 4 -- A new venture fund Anara Impact Capital, which is focussed on impact-driven startups across the Middle East and North Africa, has marked the first close of its debut fund, collecting $48 million (around Rs 459 crore) from its limited partners.
The first close was anchored by KfW Development Bank, Germany's bilateral development finance institution; Dara Holdings, family office of Saudi billionaire Lubna Olayan; Innovative Startups and SMEs Fund (ISSF), a Jordanian venture-capital firm; and a few regional family offices, and high-net worth individuals.
The fund is targeting a corpus of $50 million. It will invest in Seed and Series A startups in the focus regions, which have proven early traction and have a strong founder-market fit, potential to scale up and a commitment to social impact.
Focussing on both financial returns and measurable impact, it will back companies that are building solutions for learning, wellbeing, financial access and climate resilience.
The fund is led by Nafez Dakkak, Mohamed Hussain and Nadia Moukaddam, who have experience across venture capital, venture building, operating roles, investment advisory and impact investing. Jordanian entrepreneur and former CEO of Aramex Fadi Ghandour chairs its Investment Committee.
"Anara is here to prove that the region can develop scalable and global solutions to the most pressing challenges of our time," said Dakkak, Managing Partner Anara Impact Capital. "We are on a mission to show that impact and returns can and do go hand in hand," Dakkak added.
The fund was spun out of Alfanar Venture Philanthropy, a London-based venture philanthropy organisation that backs social enterprises that generate financial and social returns.
"There is a depth of entrepreneurial talent across the region that is often underestimated," said Lubna Olayan, Chairwoman, Alfanar Venture Philanthropy.
Published by HT Digital Content Services with permission from VC Circle.