Middle East Venture Partners (MEVP), has announced their three first investments in Lebanese-based companies: Pin-Pay, iLevel, and Multilane.
This round of funding from MEVP is meant as a growth investment in these companies to assist them in pursuing regional growth and development plans in addition to extending their product offerings.
The three companies that received the investment from MEVP are as follows:
Pin-Pay: A company that has developed a network agnostic platform that allows users to use their own mobile phones to pay anyone, anywhere, anytime; and receive payments too directly into their bank accounts. The company’s goal is to transform the mobile handset into an effective payment tool.
iLevel: A shopper marketing agency, that works on helping sales outlets, through various marketing techniques, to optimize the shopping experience of their customers, and influence them at the point of decision, in order to generate more sales.
Multilane: A technology company that focuses on designing and developing instruments for testing and characterizing optical communication equipment and optical infrastructure equipment.
As mentioned above, these are the three first investments by MEVP after their launch last year with the goal of covering the early and growth stage funding space in the region. MEVP had announced just a few months ago that they had closed US$10 million of their new fund, Middle East Venture Fund L.P. (MEVF).
We hear a lot of news about “securing funds for funding” yet we don’t hear about their funding anymore or we hear that they funded a project which is way below their capacity. Great to hear that Middle East Venture Partners is actually funding projects and unique ones as well. Great news and cheers, Tarek Kassar
Yeah, I agree, it’s definitely a good piece of news to hear when investments like this take place. Here’s hoping for more such announcements from all VCs and funds in the region.