Mubadala invests in VentureSouq’s latest fund: Abu Dhabi sovereign wealth fund Mubadala invested in GCC-based venture capital firm VentureSouq’s FinTech Fund II, according to a press release. The value of Mubadala’s investment ticket value wasn’t disclosed. The second fund’s other backers include Saudi Arabia’s Jada Fund of Funds, Saudi Venture Capital (SVC), Saudi Awwal Bank (SAB), Takamol Holding, Krafton, and Jordan’s Innovative Startups and SMEs Fund (ISSF).

The fund in focus: The new capital will target investments in early-stage fintech and SaaS startups in the MENA region across different sectors including payments infrastructure, digital banking, proptech, alternative credit, personal financial management, and ins. tech.

Fund II follows on from a strong track record, with VentureSouq previously backing startups like Tabby, which had a market cap of USD 3.3 bn in June, as well as Huspy, Yassir, and Salla. Established in 2017, the VC firm has invested in over 200 companies globally, with around USD 250 mn in assets under management.

IN OTHER STARTUP NEWS-

Pollen Street backs UAE’s CredibleX: UK-based Pollen Street Capital extended a USD 100 mn senior secured lending facility to Abu Dhabi fintech CredibleX, Bloomberg reports. The funding marks Pollen’s first agreement in the country after opening an Abu Dhabi office earlier this year. It will be used to expand the startup’s SME loan book in the UAE.

CredibleX? Founded in 2023 by Anand Nagaraj (LinkedIn), Ahmad Malik (LinkedIn), and Hassan Reda (LinkedIn), CredibleX provides SMEs with working capital, receivables and payables financing, and short-term loans.

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