AAF hits USD 25 mn target for flagship fund

Arab Angels Fund hits USD 25 mn target for flagship fund: Arab Angels Fund (AAF) announced yesterday that it successfully hit the USD 25 mn target for its flagship Arab Angel Fund I (AAFI), having successfully raised an additional USD 15 mn in an oversubscribed offering. General partners raised the target amount “from 65 private family offices and high net worth individuals” in the MENA and GCC — particularly from Abu Dhabi, according to a statement (pdf). The fund had reached first close last year, raising USD 10 mn that have so far helped it “deploy capital to 50 different startups at the seed and series A stages alongside tier 1 venture capital firms.”