US venture capital fund invests in Abu Dhabi-based Majarra
Summary
“We’re delighted to have a high quality and specialised investor like North Base Media as a believer in our vision for a new business model that addresses the massive inefficiency of Arabic online content,” The total funding secured by start-ups in the Middle East and North Africa region rose by 64 per cent in the first half of the year to $1.2 billion, according to start-up data platform Magnitt. The UAE led in terms of deal numbers, with start-ups based in the Emirates securing 61 per cent of all Mena investments, according to Magnitt. The UAE, Egypt and Saudi Arabia accumulated 71 per cent of total capital invested during the period, the data showed. NBM, a Maryland-based venture capital fund, has been investing in early and mid-stage digital media companies focused on news, business, sports, gaming and entertainment in growth markets over the past decade. “This is a high-impact investment both in terms of the growth and development of the knowledge economy in our region, and also in helping unlock the potential of digital Arabic content.”