Quicktake: Wamda’s journey to a second fund

Wamda is in the midst of launching its second $70 million fund, with a remit to invest in technology businesses, similar in terms of geography and sectors to what its previous vehicle that was created in 2015 did. So why is Wamda keen to continue investing in geographies as near as the Middle East and as far afield as Africa?

Here are some answers:

What is Wamda?

Wamda, Arabic for spark, started off as an investment platform in 2010 to help aspiring entrepreneurs in the Middle East and North Africa through mentoring, angel financing and web content. It formed with the motto: inspire, empower and connect.

It has been able to achieve many of its objectives, from the angel fund that preceded its VC firm that is chaired by Fadi Ghandour, the founder of courier company Aramex. The torch of mentoring also carries on with its Mix N’ Mentor event, and more recently Wamdx, a new fellowship programme that will offer aspiring entrepreneurs a grant of $16,000 along with in-kind support including a workspace in Dubai, and other cities in the future.

__________

Mumzworld raises $20 million as it accelerates growth in Saudi Arabia

__________

Why is Wamda launching a second fund?

Wamda sees the Middle East as a region hungry for VC investments and capable of providing high returns to investors.

Its view is shared by a number of players. For example, its stake in Dubai ride-hailing company Careem sits alongside investments from China's answer to Uber, Didi Chuxing, Japanese e-commerce leader Rakuten, German car maker Daimler and Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding. Wamda is not the only VC attracting interesting investors. Middle East Venture Partners, another investment platform, counts Emaar chairman Mohamed Alabbar as an investor with a significant undisclosed stake.

Why does Wamda want to focus more on Africa?

Wamda believes that Africa offers attractive returns despite the inherent risks associated with the region.

According to a survey of 60 limited partners around the globe conducted this year by the African Private Equity and Venture Capital Association, a majority of investors in funds, about 76 per cent, plan to increase or maintain their allocation to African private equity over the next three years. More than half of respondents - some 53 per cent - expect to increase their allocation to the continent, compared with 49 per cent for other emerging and frontier markets.

Correction: A previous version of this article incorrectly stated Abraaj was a founding entity of Wamda Capital. This reference has been removed.

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

What is type-1 diabetes

Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.

It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.

Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.

Being overweight or obese increases the chances of developing the more common type 2 diabetes.

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

More from Con Coughlin

The thorn in the side of Biden's foreign policy team

Day 3, Dubai Test: At a glance

Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.

Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.

The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.