Emkan Capital launches in Riyadh and holds first close of $31mln early-stage tech fund – focused on GCC region

Emkan Capital, a leading Saudi venture capital firm focused on early-stage technology start-ups across GCC and broader MENAP, has announced the close of its inaugural $31m fund, Emkan Capital Fund I (“ECP I”). ECP I successfully drew investment from institutions and businesses across the world, notably attracting a third of the capital from Silicon Valley based partners.

Emkan’s fund, ECP I, will oversee strategic investments in pre-seed and seed-stage companies with high-growth potential in key technology subsectors. This will include business models including fintech, e-commerce, and logistics, as well as spanning frontier sectors such as AI, cyber, cloud and health tech across the MENA region. With the fund’s capital committed, the firm will continue on its path of investing in resilient business models and providing founders with access to the global advisory team’s mentorship as well as critical access to corporate partners and tier-1 investors.

Ghassan Aloshban, General Partner at Emkan Capital, said: “We are excited to launch such an important fund, which will help bridge the knowledge and funding gap that is stifling many founders’ ambitions and limiting growth opportunities. Particularly now, at a time where founders can find themselves drowning in options but starving for knowledge, we want to make our mark by supporting founders through mentorship and access to transformational relationships. This region is home to great minds and wonderful stories waiting to be told. We are proud to be able to be there for founders earlier, rather than later. We want to provide capital, but much more than that we want to offer guidance and support to local talent on their journey to building great businesses.”

Turki Alshaikh, Co-founder of InvestSky, an Emkan portfolio company, added: “The team at Emkan has been truly instrumental in helping us grow. Beyond their investment, Ghassan and the team went above and beyond to connect us with industry heavyweights and international subject matter experts. To us, the close support and guidance we received made a huge difference and we were particularly impressed by their combination of regional expertise with global perspective.”

Emkan Capital’s team consists of a team of seasoned investors and entrepreneurs collectively bringing nearly 50 years of experience in successfully investing in businesses and working with founders across KSA, UAE, the US, and Asia.

Emkan’s current portfolio includes InvestSky, NovoGenomics, FENIX, Trukkin, Mojo, Awaed, and Hubpay.