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Wamda

Banking and Finance

Wamda Overview

Wamda was established in 2010 by Fadi Ghandour, a Lebanese-Jordanian businessman.

A platform that builds and invests in “entrepreneurship ecosystems”, it offers research and community development, organises networking events and offers corporate and government advisory services.

In 2015 Wamda launched Wamda Capital Fund 1, one of the region’s first venture capital funds. The $70 million fund, anchored by the IFC, invested in businesses across Mena. Successful exits include Careem, Twiga and Mumzworld.

Ghandour used his own capital to back the launch of Wamda Evergreen in 2019, supporting technology startups. It has invested in more than 67 companies, including Tabby, Eyewa and Hala.

In June, Wamda Capital backed UAE-based AI startup Qeen.ai in its seed funding round.

As well as Wamda, Ghandour founded and chairs Ruwwad for Development, a private-sector led community engagement platform helps communities across several countries in the Mena region “overcome marginalisation through activism, civic engagement, education and financial inclusion”.

Wamda News

Karbala, Iraq. The country needs investment to rebuild, including in its tech sector

Abu Dhabi VC EQIQ to increase Iraq tech investments

Abu Dhabi technology-focused venture capital fund EQIQ says it plans to increase the value of its investments in Iraq as the country seeks to recover from more than four decades of war and economic sanctions. Last year, tech startups in Iraq raised less than $3 million in 10 deals, according to entrepreneurship ecosystem development platform […]

2M92198 Serious bored businesswoman inside office, muslim woman in hijab thinking while sitting at workplace with laptop, woman at work thinking about decisions. female-led, woment-led, female, woman

VC funding in decline for female-led Mena startups

Startups led by women in the Middle East and North Africa are at risk of being left far behind when it comes to raising venture capital funds, data shows. Since 2020 their share of the total has declined every year from 2.2 percent to less than 0.5 percent in 2023, before bouncing back up – […]

Astra Tech managing director Tariq Bin Hendi, right, at Abu Dhabi Finance Week

Astra Tech secures $500m funding for lending platform

Dubai technology company Astra Tech has secured $500 million in financing for its fintech subsidiary, enabling it to further expand its consumer lending platform. Quantix Technology Projects, which in July was the first UAE-based fintech to receive a finance licence from the UAE central bank since 2008, secured the financing from Citi, in what is […]

Startup business people group working everyday job at modern office. Tech office, tech company, tech startup, tech team.

$50m Abu Dhabi tech fund receives PIF investment

Abu Dhabi venture capital firm Iliad Partners is closing a $50 million fund that will target early-stage business-to-business tech startups in the Middle East and North Africa (Mena) region. The Tech Ventures Fund I will primarily focus on fintechs, logistics and property-related technology in Saudi Arabia and the UAE at the Pre-Series A and Series […]

Property app Stake says it is close to acquiring a fully-rented mall and a 140-apartment tower in Riyadh

Property app Stake to launch in Saudi Arabia

A fractional-ownership platform that enables investors to own parcels of real estate for as little as SAR500 ($134) is to launch in Saudi Arabia on December 9.  Based in Dubai, Stake offers investors the opportunity to buy parts of residential and commercial properties.  Fractional property ownership is a rising trend in the global real estate market. […]

Eyewa is planning to open 100 stores across the GCC in 2025

Saudi eyewear retailer secures $100m for expansion

Saudi eyewear retailer Eyewa has raised $100 million in a series C funding round as it expands production and its footprint on the ground. The funding was led by global investors General Atlantic alongside Dubai-based Badwa Capital and Singapore’s Turmeric Capital. Eyewa said the capital will be used to open at least 100 new stores […]

Co-working spaces, such as this one in Riyadh, complement state-led VC funding initiatives for Saudi startups

Saudi Arabia pumps funding into startups as it vies for Mena No 1

Saudi Arabia is piling money and government support into its venture capital industry as it competes with the UAE to attract startups. The VC market across the Middle East and North Africa raised $1.3 billion from January to September 2024 – and Saudi Arabia “led the region”, said startup analyst Magnitt. The kingdom secured “39 […]