In a significant move aimed at bolstering the Middle East and African (MEA) entrepreneurial landscape, Agility Global, a multi-business operator and long-term investor, announced that its corporate venture capital arm will invest in a new fund managed by Dubai-based Global Ventures. This initiative focuses on providing essential capital to early-stage companies in the MEA region.
Global Ventures specializes in growth-stage investments across emerging markets, and this new fund, dubbed Fund III, seeks to target innovative startups within sectors critical for technological transformation. Agility Global’s involvement is expected to enhance the fund’s capabilities, given the company’s established presence in sectors like clean energy, digital logistics, e-commerce, healthcare, and agri-tech.
Agility Global has cultivated a diverse portfolio that not only includes investments in MEA-based companies but also supports businesses seeking to expand their operations within the region. The firm’s ongoing efforts to strengthen the entrepreneurial ecosystems in MEA are complemented by the resources and expertise it provides to early-stage startups, particularly those developing go-to-market strategies.
Tarek Sultan, Chairman of Agility Global, expressed a strong commitment to fostering innovation in the region. “We are passionate champions and advocates for businesses led by the region’s new generation of entrepreneurs and innovators,” he stated. Sultan emphasized that the Middle East and Africa are rich with entrepreneurial energy, and through Agility Ventures and its investment in Global Ventures’ new fund, they aim to empower startups to commercialize and scale their innovative ideas.
Highlighting the importance of inclusivity in venture capital, Sultan noted, “We’re conscious that only about 15% of all VC ‘cheque-writers’ are women, and we’re excited to be backing a women-led fund in the region. We hope that as the ventures ecosystem continues to grow, it will create new opportunities for a range of stakeholders, including women-led businesses.”
Strategic Alignment with Emerging Market Trends
Noor Sweid, Founder and Managing Partner at Global Ventures, discussed the strategic focus of Fund III, which aligns with anticipated shifts towards resource efficiency, particularly in supply chain technology. “With our focus on supply chain technology, we are incredibly grateful for the support of Agility Global, a long-standing leader in the supply chain sector regionally and globally,” Sweid said. “We are thrilled to have a true partner in Agility Global as we continue to back mission-driven founders addressing critical challenges across the Middle East and Africa.”
Global Ventures manages three funds, all targeting innovative companies in the MEA region. Fund III, established earlier this year, will channel investments into startups innovating in supply chain technology, energy technology, and agri-tech. This follows the thematic focus of its first fund, launched in 2018, which primarily centered on fintech. In 2022, the firm launched its second fund, aimed at health tech and digital health innovation.
Track Record of Supporting African Startups
Global Ventures has previously made notable investments in a variety of African startups, further reinforcing its commitment to the region. Its portfolio includes companies such as Ilara Health, Paymob, Helium Health, Metro Africa Xpress Inc. (MAX), Sympl, Cartona, Yodawy, TeamApt, Minly, Nexford University, NowPay, Elmenus, Moniepoint, Tabbly, ExpandCart, among others.
As Agility Global and Global Ventures embark on this new initiative, the potential for growth and innovation in the African startup ecosystem looks promising. The combination of Agility Global’s extensive experience and Global Ventures’ strategic focus on emerging technologies presents a significant opportunity for startups in the region to thrive, fostering an environment conducive to economic growth and technological advancement.