Saudi Arabia-based venture capital firm Khwarizmi Ventures said Wednesday it has marked the first closing of its maiden fund at $63 million after receiving commitments from family offices and private investors.
The first closing was oversubscribed, the VC firm said, without disclosing the interim or the final target for the fund.
The venture capital firm targets seed to Series A startups across the Middle East, North Africa and Pakistan. It was launched in 2018 as a sector-agnostic corporate investor and is now raising its first fund as an institutional investor.
“Khwarizmi Ventures takes an empathetic entrepreneur-centric approach in enabling the next generation of MENA startups, with an aim to support founders beyond capital by leveraging our vast network and rich expertise,” said Yasser AlKadi, founding partner at the VC firm.
Apart from AlKadi, the VC firm is led by managing partner Abdulaziz Al-Turki.
The VC firm has 20 companies in its portfolio, of which nine investments were made within the last year and seven are follow-on investments. It has also had two exits so far—from Tamara and Fetchr.
Its portfolio includes UAE-based online eyewear store Eyewa, which raised its Series B round in June, and on-demand trucking company Trukker.
Khwarizmi has also backed Moroccan, Algerian, Egyptian, Algerian, Jordanian, Saudi Arabia, Bahraini, Indian, Singaporean and Pakistani founders, the VC firm said.