(MENAFN) CEO of BECO Capital, a regional Venture Capital firm, said MENA region Venture Capital (VC) industry is to increase five-fold in the next 3 years, Saudi Gazette reported.
VC funds raised in MENA region in 2014 were six times bigger than those raised in 2013. Deal flow also grew by about four times in 2014. 'Fresh Venture Capital funds raised in MENA last year totaled USD175 million, compared to USD29 million raised in 2013,' CEO said.
The surge will be motivated by UAE and Saudi taking number one and three spots in smartphone penetration per person in the world, and a fistful of technology firms turning into billion dollar business in the coming 5 years.
'The region is gaining momentum and is on the way to experience its own boom in the technology sector in the next 5 years,' the CEO added.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.