(MENAFN- Kuwait News Agency (KUNA)) Zain for mobile communications will invest with the Dubai-based Middle East Venture Partners' (MEVP) latest fund for early stage technology companies, the Group announced on Sunday.
The company aims to open up fresh markets and business, it added in a statement.
MEVF II fund will invest in early stage technology companies with proven traction in the MENA region.
It will focus its investment on three verticals: Web and mobile digital plays; e-marketplaces; and B2B companies, Zain noted.
"By investing in MEVP's latest fund, Zain is increasing its exposure to the digital economy and becoming an active participant in this new digital age," CEO Scott Gegenheimer was quoted as saying.
"Most of our portfolio companies are looking to leverage telecom operators' infrastructure and customer base to activate new markets and scale," MEVP Founder and Managing Partner Walid Hanna said.
Founded in 2010, MEVP is the Arab world's leading independent venture capital firm with more than 25 investments in the digital space since inception. MEVP's assets under management have reached in excess of USD 100 million, conducting business across three offices in Beirut, Dubai, and Silicon Valley.
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