COVID-19 has made for uncertain & volatile economic times, and this uncertainty is felt keenly by MENA’s tech founders, particularly those with plans to fundraise in the next few quarters.

To support our community, and help you navigate these uncertain and ambiguous times, we asked the region’s investors and accelerators: Is it still business-as-usual for deal-sourcing & investment now? Should startups still be applying to you? Below, we’ve compiled their responses. 

These are all investors and accelerators currently running applications on MAGNiTT here. Apply to them now. 

 

‘Yes, it’s business as usual. As a long-term investor, we take into account short-term challenges but invest for the long term.’

Basil Moftah - Global Ventures

 

‘Nothing should impede, we are still looking at deals and engaging virtually. Opportunities don’t cease in challenging times: in fact, new opportunities arise.’

Ovais Naqvi - RISE Capital 

 

‘Business is as usual for deal-sourcing and investments at iMENA. The only thing that we’re doing differently is that we are trying to limit physical human contact so that all communication is done through video/audio calls and emails.’ 

Zaid Srour - iMENA

 

‘We would be lying if we say that it’s business-as-usual, but we are closely monitoring and assessing the situation. On the other hand, we believe that some startups will take a good advantage from the current market situation and accordingly gain tremendous value. For this reason, we are actively searching for those kinds of startups that can create value during the current market recession.’ 

Ali Abussaud - Hala Ventures 

 

‘We are trying our best to continue business as usual, but we are practicing social distancing and conducting all meetings online or over the phone. We are still reviewing all applications and will be announcing a couple of new investments soon.’

Nawaf Alkoheji - Tenmou

 

‘Yes.’

Hussien Abdulgader - Raed Ventures

 

‘Derayah Ventures always has its doors open for startups in their early stage (seed & series A). We actually encourage more startups to apply as we are keen to back everlasting and resilient startups.’ 

Salem Washeely - Derayah Ventures

 

‘Yes! We see no reason for a slowdown in investments.’

Leen Ashqar - Propeller Inc. 

 

‘As a disciplined investor, we must critically evaluate the latest market situation moving forward. Although, the volatility in the markets and overall lack of visibility does mean that we as Investors will have to be cautious and ever more rigorous in our diligence; the best opportunities and companies rise in the hardest circumstances, and we are definitely open for business to support these companies.’

Himag Vaidya  - Shorooq Partners

 

‘Absolutely. The entrepreneurial mindset has always endeavored to address challenges faced by society.’

Ramesh Jagannathan - StartAD

 

‘Yes’

Amjad Ahmad - Managing Partner at Precinct Partners

 

‘Except having our meetings via Zoom for the coming two weeks instead of in-person, business is as usual in terms of deal-sourcing and deployment’. 

Kholoud Almohammadi - Impact 46

 

‘Yes, Iliad Partners continues to actively engage with and invest in startups in MENA during these interesting times.’ 

Christos Mastoras - Iliad Partners

 

‘Fortunately, our application process has been completely online and digital from day 1, and as a result there have been no disruptions in the application process, and startups can, and still are, applying for our programs online.’

Fatima Alnaqbi - MBRIF

 

‘Yes, it’s business as usual for Phoenician Funds during the COVID-19 crisis, for deal-sourcing, investment, and portfolio support, while respecting safety measures (e.g. remote communications)’

Ahmad Tuffaha - Phoenician Funds

 

‘Absolutely’

Reem Al Mustafa - Faith Capital Holding

 

‘Yes, our line of business doesn’t require us to be physically present in meetings. Deal-sourcing and investment will stay part of our daily work through these rough times. Fintech startups are welcome to apply for AB Accelerator’s program through MAGNiTT. 

We are more bullish than ever on the role of technology in pushing forward economic growth. We have invested materially in technology that would allow us to  continue our business as usual without the need to put ourselves or the startups we work with at risk.’

Hani Dabit - AB Accelerator

 

These are all investors and accelerators currently running applications on MAGNiTT here. Apply to them now.

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