RAMALLAH, July 5, 2017 (WAFA) – Ibtikar Fund, Palestine‘s early stage venture capital fund, announced on Wednesday a capital increase, welcoming the International Finance Corporation (IFC), the Dutch Good Growth Fund (DGGF), and Reach Holding as investors.
With this closing, Ibtikar ("Innovation" in Arabic) increases its capital by $2.5 million, to $10.45 million, providing it with the ability to invest in more Palestinian startups over the next three years.
This marks the first investment in Palestinian venture capital by IFC and DGGF. For DGGF, this is the first venture capital investment in the Middle East and North Africa region, the second for the IFC under its new Startup Catalyst program.
"We believe Ibtikar can play a pivotal role in strengthening the area‘s entrepreneurial ecosystem, creating jobs, and attracting more investment," said Mouayed Makhlouf, IFC Regional Director in the Middle East and North Africa.
"These new investments are a validation of our work over the last two years, and a vote of confidence in our management," said Habib Hazzan, Managing General Partner of Ibtikar. "We are glad that the IFC, DGGF and Reach Holding agree with our leading current investors in the potential of Palestinian startups and welcome them to our fund."
Launched in May 2016, Ibtikar has made 14 investments in Palestinian startups, a growing portfolio that has already been attractive to regional and global investors.