Shorooq Partners, an early-stage venture capital firm based in the UAE, has roped in Korean Venture Investment Company (KVIC) as a limited partner to its Bedaya fund.
KVIC has committed $1.5 million to the Shorooq vehicle from its Foreign VC Investment Fund, The Capital Quest has learnt. The Bedaya fund aims to raise at least $45.8 million.
Shorooq is one of 10 VC firms that KVIC has backed this year, and the only one from West Asia. The other funds that it backed include five in the US, China’s Northern Light VC, and three in Southeast Asia including Vertex Ventures.
KVIC has invested in fund managers with total assets under management to the tune of $3 billion. It joins a bunch of other LPs to the Bedaya fund. These include Abu Dhabi sovereign wealth funds Mubadala and ADQ, according to Shane Shin, founding partner at Shorooq.
Saudi Arabia’s Jada Fund of Funds, Saudi Venture Capital Company, Bahrain’s Al Waha Venture Capital Fund of Funds and Jordan’s Innovative Startups and SMEs Fund are among the other LPs, Shin said in a Linkedin post.
Shin indicated that Shorooq could attract more funding from Asian investors, but did not proffer any details.
The Bedaya fund invests in seed-stage companies and helps them graduate to pre-series A, Series A and beyond.
In June last year, the government-backed Abu Dhabi Investment Office had invested $5 million in the Bedaya fund. The following month, the Bahraini government-supported Al Waha Fund of Funds backed Bedaya.
Founded by Shane Shin and Mahmoud Adi, Shorooq Partners has so far invested in more than 20 companies. These include on-demand truck aggregator Trukker, hybrid robo-adviser Sarwa, education platform Teacherly and Breadfast, an Egypt-based e-grocery service.