Thursday, October 13, 2022
DUBAI: Magnus Ventures has launched M-II Ignition Fund at the GITEX Global and North Star, the largest global startup event, following the close of its M-I Fund, to back overlooked founders and markets in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP).
"The venture firm is on a mission to back innovators with breakthrough ideas, supporting those ideas that are too often overlooked and underfunded but bringing about impactful change including a sectoral focus on climate change resiliency-focused startups," the company statement said.
Speaking to the journalists, Co-Founder and CEO Zain Moosa said: "The amount will be used to fund early-stage entrepreneurs who are solving some of society’s biggest problems with a special focus on the climate, healthcare and ageing, economic empowerment and services for the next-billion markets.”
Established in 2010, the Magnus group and affiliated companies aim to increase the supply of equity capital to high-potential, early-stage MENAP companies by supporting new and emerging entrepreneurs who were left behind due to the early-stage equity availability gap.
The venture firm — based in Pakistan, USA, and UAE, have so far invested and accelerated 14 early-stage companies across verticals including nine in Pakistan.
Commenting on the development, founder of the Magnus Group Ashraf Kalim said: “What started as a passion project to help entrepreneurs, post the relief efforts of Pakistan’s worst earthquake to date, has transformed into a cross-sector investment and venture portfolio.”
It should be noted that backing bold business builders based across the region, Magnus Ventures supports ambitious founders at a pre-seed and early stage, typically with the first investment of up to $500,000.
The firm takes a unique approach — committed to making VC accessible to the entrepreneurial talent that is often overlooked and underfunded, aiming to support breakthrough and game-changing ideas.
Founded by Kalim and Moosa, the firm bets on over 20 years of combined experience in angel and venture capital investing, globally.