Phoenix Venture Partners Ltd. has announced the successful first close of its private placement for the Phoenix Venture Partners Innovation Fund CEIC Ltd. The fund has raised its initial capital from a diverse group of professional investors, which includes family offices and high-net-worth individuals.

The capital raised will be utilized to invest in promising early-stage technology startups across the MENA region and the G20 economies. The fund will focus on seven key verticals: Fintech, Healthtech, Edtech, Agrifoodtech, Logtech & Mobility Tech, Enertech & Sustainability, and Consumer Tech. The strategy aims to identify and support visionary entrepreneurs who are driving transformative changes in their fields.

Mr. Steve Khayat, the Founder, Managing Director, and CEO of Phoenix Venture Partners, expressed enthusiasm about reaching this significant milestone. He noted that the strong interest from investors reflects their confidence in the firm’s investment strategy and its capability to nurture the next generation of industry leaders.

Faris Al-Obaid, Co-Founder and Non-Executive Director at Phoenix Venture Partners, commented on the successful capital raise, stating that it highlights the team’s ability to attract high-potential investments. He emphasized the firm’s commitment to leveraging this capital to support emerging tech founders and foster innovation in the region.

Dr. Mussaad Al Razouki, Co-Founder and Executive Director at Phoenix Venture Partners, mentioned that with the influx of capital, they are well-positioned to seize growing opportunities within the MENA tech ecosystem. He affirmed their commitment to investing in startups that can disrupt industries and create positive societal impacts.

The completion of this first close marks an important step in the journey of PVPIF, enabling the firm to start deploying capital and supporting its portfolio companies. The fund aims to continue raising additional capital in future closes, with a target of reaching $50 million by March 31, 2026.

The founding partners of Phoenix Venture Partners bring a combined 60 years of experience in investing and investment management, along with a profound understanding of the venture capital landscape. The firm is dedicated to generating long-term value for its investors and portfolio companies through strategic guidance, operational support, and access to a strong network of industry experts.

Phoenix Venture Partners Limited is incorporated in the Abu Dhabi Global Market and is regulated by the Financial Services Regulatory Authority. The firm focuses on investing in disruptive technologies of the Digital Age, embodying the traits of the legendary Phoenix Bird, which symbolizes renewal and success in the startup world.