February 6, 2018 (Dubai, UAE) Following the inaugural board meeting on January 22, 2018, the formation of the Middle East Venture Capital Association (MEVCA) has been finalized, and today announced the official commencement of activity. Chaired by Noor Sweid, MEVCA will provide a platform enabling the ecosystem to share best practices and enhance collaboration and development of venture capital in the region. The association will act as a catalyst for further growth and encourage more venture-backed companies in the region, thus encouraging enhanced access for SMEs and other organizations looking to raise capital. The board of MEVCA includes some of the regions leaders in the venture capital space including Algebra Ventures, BECO Capital, Wamda Capital, Jabbar Internet Group, MEVP, Silicon Badia, Valia Investments, VentureSouq, Womena, B&Y Venture Partners, Faith Capital, STV, WAIN and Raed VC.
Together, the board will establish regional best practices through regular and reliable research, the issuing of white papers on the VC and entrepreneurial ecosystems, and increase the frequency of the venture capital industry meetings. “MEVCA aims to focus the trajectory of the region’s venture capital and enhance intra-sector communication and support functions. The association, with a mandate of furthering the growth of venturebacked companies in the region through increased high-level systemization and standardized practices, aims to protect the interests of both capital firms and investee companies alike,” said Sweid remarking on the development. To further ensure their connectivity to the entrepreneurial and SME community, MEVCA has also cemented partnerships with Endeavor, the National Venture Capital Association (US), Arabnet and Magnitt.
MEVCA will hold frequent gatherings and events that address a variety of issues and concerns, as well as focusing on education in the VC space. The association’s first event will be staged on February 19th, 2018 at The Dubai Future Accelerator in Emirates Towers. Headlining the event in a fireside chat format is long-time Bessemer former partner Sunil Nagara. With a long and storied portfolio in the venture capital industry, including a current role as Managing Partner at Ubiquity as well as previous roles at Bain & Company, Cisco, Microsoft and Triangulate, the inaugural launch event for the association will set the tone for the coming calendar of activities.