AAF raises $25 mln for inaugural venture fund

Arab Angel Fund has closed its oversubscribed debut fund at its $25 million target. Arab Angel Fund I LP's limited partners include high-net worth individuals and private family offices from Egypt, Jordan, Lebanon, Morocco, Saudi Arabia, Kuwait, Turkey and the United Arab Emirates. The fund will invest in in VC-backed early-stage tech startups in North America, helping them expand to the Middle East, North Africa and the Gulf Cooperation Council regions.