DUBAI: Wamda Capital, the venture capital (VC) company that emerged out of an entrepreneurship platform set up by Abraaj Capital, is planning the first close of its second $70 million investment fund in early 2019.

According to a report published in The National, a UAE-based publication, Wamda Capital is planning the first close of its second $70 million (Dh257m) investment fund in early 2019. The venture capital company that emerged out of an entrepreneurship platform set up by Abraaj Capital, the region’s largest private equity firm.

Wamda Capital, the Dubai VC company, was launched with an inaugural $70m fund in 2015. “It is now courting the same set of investors but hopes to attract new partners, said Fares Ghandour while talking to the Gulf daily.

“The first fund, which is estimated to have allotted at least 80 per cent of its money by the end of this year, counted: now-embattled private equity firm Abraaj; the International Finance Corporation, an arm of the World Bank; Kuwaiti telco, the Zain Group; family offices; and other partners, as investors,” the news report said.

“The new vehicle will be the continuation of funding for the young demographic shift that is happening in these markets and companies that are looking to solve challenges for the up and coming, connected generation,” the report quoted Mr Ghandour as saying.

Published in Dawn, December 26th, 2018