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As originally published on Startup MGZN.

Pre-seed and seed-stage tech startups in MENA will soon have a new venture capital fund to turn to for investments. Launched by Nama Ventures, a Saudi-focused VC, the new fund will be worth $27 million at least.

The fund will raise the capital from multiple high net-worth individuals (HNIs), family offices, and institutional investors.

“The fund, which is already launched, is expected to be closed soon,” Abdullah Alaraj, managing partner of Nama Ventures, said in a conversation with the media.

Alaraj also confirmed that Nama Ventures is in talks with several sovereign funds to expand the scope and financial clout of the newly launched fund. For the uninitiated, with two startup unicorns already to its name, Nama Ventures is a well recognized name in the Saudi startup ecosystem.

“We also want to lead start-ups, along with their founders, helping the ventures to grow from a seed to a forest, rolling up our sleeves and pruning them to realize and reach their full growth potential,” added Alaraj, while explaining that Nama has a key role to play in the further development of the MENA startup scene.