The fund has been established by Fenox Venture Capital, a global investment firm headquartered in Silicon Valley, in partnership with Innovation 360, a leading innovation consultancy based in Dubai, UAE.
The investment would be undertaken in seed, Series A and pre-IPO funding, according to a report.
Fenox's current investment portfolio includes those in Dream Link Entertainment (DLE), the largest animation company of its kind in Japan that recently executed an IPO on the Tokyo Stock Exchange, and Lark, a wearable technology company whose products are now sold at Apple stores around the world.
The fund strategy is to invest in a mix of start-ups in need of seed and Series A funding in the Middle East, pre-IPO companies from Asia, and seed and Series A start-ups in the US - particularly Silicon Valley.
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"We are breaking new ground in the Middle East with the Fenox Global Fund IV. I know of no other time that a Silicon Valley VC has used capital from Middle East investors to promote entrepreneurship in the local region," Brent Traidman, General Partner at Fenox, said.
"However, by also investing in more mature companies from Silicon Valley and Asia, the fund will diversify the investors' portfolio and create a greater return for investors," said Hassan.
Fenox has a track record of investing in global businesses from around the world, having managed funds that focus on entrepreneurial development in South Korea, Singapore, Japan, Indonesia and China.