MEVP has announced that it co-led the funding of Nana, a fast-growing online grocery marketplace in Saudi Arabia. As StartUp Bahrain covered earlier last week, Nana raised $18 million in the Series B round that also drew significant contributions from STV, as well as a group of other investors.
MEVP is a leading venture capital firm at Hub71, a startup and innovation ecosystem dedicated to providing an optimal environment for transformative tech companies. Ibrahim Ajami, acting CEO at Hub71, recently commented on the immense potential of Hub71 startups by saying: “Hub71 startups are also finding ways of generating income through projects by supporting businesses who need technology-led solutions during these challenging times,” Ibrahim told Khaleej Times as Hub71 marks completion of its one year anniversary.
The launch of Hub71, which is particularly focused on Abu Dhabi-based startups, has been particularly beneficial for the EdTech and HealthTech sectors. Up-and-coming startups in these sectors now have access to more than $500 million in fresh capital.
In fact, Hub71 startups already raised $36 million collectively in the first year since its launch. This is likely to further increase in the months to come as the ongoing COVID-19 has shown the world the importance of disruptive technologies in areas such as banking, education, payments, commerce, and healthcare.
HealthTech businesses, in particular, will likely have loads of opportunities given that the world will now increasingly focus on telemedicine, vaccine development, and personalized drug development.
Similarly, EdTech companies will also get a chance to tap into unexplored opportunities in remote and interactive learning.