Hasan Haider (former managing partner 500 Startups) and Sharif El-Badawi (ex-Google executive) have announced the formation of a new VC firm Plus Venture Capital which will focus on early-stage tech startups in Middle East and North Africa (MENA) region and its diaspora.
Plus Venture Capital’s debut fund is targeting US$60 million. The partners claim they have already secured some commitments and will share more information at a later date.
The two partners come with rich experience not only in the tech investment industry but also in the region they plan to operate.
In an exclusive interview with MENAbytes, Sharif and Hasan told the news portal “they will lead at seed-stage with average (first) cheque size of $200,000 to $250,000 and up to $2 million in follow-on funding. Plus Venture Capital will also lead the Series A rounds of its portfolio companies that it would make follow-on investments in.”
They also added that Plus Venture Capital is going to be swift in business “If a company is investment-ready with the right structuring and we decide to invest after a few meetings, we can deploy capital in a week.”