Phoenix Venture Partners closes third early tech Fund for MENA

Phoenix Venture Partners closes third fund for tech investment in MENA

Abu Dhabi and ADGM regulated Phoenix Venture Partners (PVP) a venture capital firm focused on early-stage technology investments, has announced the successful third closing of its inaugural fund, Phoenix Venture Partners Innovation Fund CEIC Limited (PVPIF) which it will use to invest in early stage technology opportunities across the Middle East and Africa.

The undisclosed value of the closing was secured from international and regional backers in the United States, Europe and GCC region.

According to Phoenix Venture Partners the final fund close is targeted for October 2026. In the future the venture firm plans to expand the global investor base for GCC innovation. The latest capital injection brings in new limited partners from the United States, France, Saudi Arabia, Kuwait, and the United Arab Emirates. This diverse backer base includes institutional investors, family offices, and high-net-worth individuals, signaling strong international appetite for GCC-based tech assets.

The firm continues to target high-growth companies that are building scalable, globally relevant solutions.

Steve Khayat, Founder and CEO of PVP, emphasized that the timing of this latest close reflects the firm’s deep commitment to the region. He noted that continued backing from international limited partners underlines the resilience of the local venture capital ecosystem, even amid broader global market challenges.

“We reaffirm our commitment to a clear and steady vision for our investors, the founders we back, and the wider ecosystem within Abu Dhabi Global Market and across the region’s venture capital community,” Khayat stated.

PVP will continue deploying capital from PVPIF into its core focus areas as it works toward a final fund close in October 2026. This extended fundraising runway allows the firm to remain open to additional capital commitments while actively backing the next generation of MENA founders.

The fund’s sector-specific mandate covers fintech, insurtech, healthtech, edtech, logistics, mobility, agrifoodtech, energy, sustainability, and consumer tech.

Already the venture firm has invested in Wahed Islamic Fintech startup our of UAE.

Additionally most recently the firm was a lead investor in Saudi educational startups GAGA which raised $2.5 million dollars. GAGA has now raised $4.2 million in total.