UAE-based VC firm Shorooq Partners has launched its USD 150 mn Bedaya Fund II to back early-stage startups operating in fintech, software, platform verticals, and digital assets in the MENAP region, according to a press release (pdf). The fund is backed by Abu Dhabi wealth fund ADQ’s venture firm, DisruptAD, the Dubai Future District Fund, Bupa Ins., and others. Bedaya Fund II will soon announce its first investments, which have already begun being deployed.

Shorooq has invested in Egypt’s grocery delivery startup Breadfast, with the commitment to the homegrown platform among 80 tickets it has written to more than 50 companies with a gross equity value of USD 1.5 bn.

Background: Shorooq launched last year the region’s first focused venture debt fund, Nahda Fund 1, with the VC firm hitting its fundraising target in just four weeks.

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