VentureSouq, a leading venture capital firm based in the GCC, has officially announced the close of its second FinTech Fund (FinTech Fund II), reinforcing its role as one of the region’s most active early-stage investors. The fund is backed by a distinguished group of institutional and sovereign partners, including Jada Fund of Funds (a PIF-owned entity), Saudi Venture Capital Company (SVC), Saudi Awwal Bank (SAB), Mubadala Investment Company, Takamol Holding, Krafton, and Jordan’s Innovative Startups and SMEs Fund (ISSF).
With this fund, VentureSouq will focus on early-stage investments in fintech and SaaS startups across the MENA region, targeting high-growth sectors such as payments infrastructure, alternative credit, digital banking, PropTech, InsurTech, and personal financial management. The fund’s mandate highlights the firm’s commitment to supporting innovation in financial services and adjacent technologies that are shaping the future of the regional economy.
Suneel Gokhale, General Partner at VentureSouq, emphasized the strategic importance of this fund, stating:
“Since launching our first sector-specific FinTech fund in 2021, we’ve seen tremendous traction across markets. What’s clear is that we’re still early in this journey, but the foundations are now firmly in place. We’re also seeing FinTech as the principal entry point for AI into our region – the impact of which is certainly still ahead of us. This new fund allows us to keep pushing that momentum forward with strong support from partners who understand the regulatory and market dynamics critical to scaling ventures here.”
The launch of FinTech Fund II builds upon the success of the firm’s first fintech-focused fund, which invested in over 40 early-stage startups across the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan. Notable portfolio companies include Tabby, Huspy, Yassir, Salla, and Mozn—several of which have since secured follow-on investment rounds and expanded into international markets.
Adding further perspective, Maan Eshgi, General Partner at VentureSouq, noted:
“With Fund II, we’ve built on the foundation we established with Fund I – assembling a strategic LP base that understands the evolving MENA venture landscape and is positioned to actively support our portfolio companies as they scale across the region. Our experience shows that success in MENA requires navigating complex regulatory environments and unlocking cross-border opportunities. With the right stakeholders in place, we’re confident that Fund II will help accelerate the next generation of category-defining startups.”
Institutional partners echoed similar confidence. Saeed Assiri, Chief Innovation Banking Officer at Saudi Awwal Bank (SAB), said:
“This fund exemplifies the type of strategic partnerships we champion at SAB – one of the leading banks in the Kingdom of Saudi Arabia – where innovation is a shared journey between visionary founders, institutional investors, and forward-leaning stakeholders. We believe strongly in the transformative potential of MENA’s FinTech sector and in the value of building enduring foundations that will enable its growth for decades to come.”
Beyond fintech, VentureSouq continues to expand its footprint across climate tech, AI-driven solutions, and emerging technologies, reflecting a broader strategy to align with global innovation trends. Earlier this year, Forbes recognized VentureSouq as one of the Top Venture Capital Firms in the Middle East for 2024, further underscoring its impact and growing institutional credibility.
According to a recent industry report, the MENA region is expected to be the fastest-growing FinTech market globally, with net revenue growth projected at 35% annually through 2028, significantly outpacing the global average of 15%. This context further validates VentureSouq’s timing and strategy in doubling down on fintech and related sectors.
By closing FinTech Fund II, VentureSouq not only strengthens its platform but also positions itself as a cornerstone investor driving the transformation of the financial technology landscape in MENA. With deep local knowledge, strong regulatory insights, and an expanding portfolio of innovative startups, the firm is set to play a defining role in shaping the region’s innovation economy for years to come.
