The MENA region is booming with new startup funding opportunities, even during times as challenging as our current times. We get the news of funds being launched every month or so, which really shows you how this part of the world is starting to embrace technology and welcome it as the future.
One fund that recently launched in the region is Hambro Perks Oryx Fund LP (Oryx Fund), set up by Hambro Perks Ventures Limited, a VC Fund Manager regulated by the ADGM Financial Services Regulatory Authority in Abu Dhabi, UAE and part of Hambro Perks. Hambro Perks is an international company that has a central focus on private technology investment. They launched Oryx Fund to help MENA startups scale and reach new stages of growth.
Because we’re always interested in bringing you the most exciting updates, we recently got together with Ivo Detelinov, General Partner at Oryx Fund. Our goal was to get a holistic view of the fund’s mission, its priorities, target sectors and niches, and other relevant details that entrepreneurs and startups across the region could find useful.
Not to take too much of your time, here’s a brief, info-packed snippet from the conversation:
Oryx Fund: The objectives.
Oryx Fund is primarily focused on early-stage companies between Pre-Seed to Series A. We are keen to speak to all technology startups across MENA including verticals such as:
- FinTech
- LogisticsTech
- EdTech
- HealthTech
- Any B2B models.
Ivo shared that it’s the startups with the potential to scale out across the region that are especially the ideal candidates for Oryx.
We also asked Ivo about Oryx’s strategy when it comes to funding startups – specifically, how much they typically invest and in return for what equity percentage (because we know that’s probably the most important question you’ll have in mind!)
The Hambro Perks Ventures-affiliated fund responded by saying that Oryx’s ticket sizes vary based on multiple factors, including:
- The stage of funding
- The overall size of the funding round.
In the majority of cases, the fund strikes a deal in return for 5%-10% stake in the target startup.
What makes a startup an ideal choice for Oryx?
Ivo stated that the ideal investable startup is usually one with a well-defined strategy to solve a problem in the market. Other accompanying qualities include a full-time dedicated core management team, as well as a product that is already selling in the market or is at least nearly ready to be sold. We think a lot of the region’s existing startups already qualify, as they have these qualities. What do you think?
According to the fund’s leadership, all successful startups exhibit these qualities and various stages of readiness throughout their growth phase.
Ivo elaborated, “This is where the expertise of VC funds comes into play – not merely with the equity capital we extend, but also providing our time and help to ensure that strategy-team-products are where they need to be to solve the acute problem the startup is aspiring to solve.”
“The collaborative effort between the startup and VC fund increases the chance that the startup will benefit from our capital”, he added.
A Bahraini startup looking for investors? Here are Oryx’s tips.
Oryx told Startup MGZN that the fund leadership has long-standing relationships with all stakeholders in the Bahraini startup ecosystem. As a collective, they have so far participated in numerous events organized by the Bahrain Economic Development Board (EDB) and no other than Flat6Labs Bahrain.
“We [also] regularly host office hours with Al-Waha Fund of Funds where we meet new startups, and build long term relationships with them.“
As for Bahraini startups looking for investors, Ivo insisted that all emerging enterprises in the Kingdom are welcome to reach out to Oryx not just for capital but also for advice, mentoring, and networking opportunities. Sounds like an opportunity not to miss!
Excited about this new funding opportunity? Let us know what you think on our social media platforms on Twitter, Facebook, LinkedIn, and Instagram.