Kuwait-based Zain has invested alongside the IFC in MENA focused VC firm Wamda Capital’s growth stage funding round, which aims to raise US$75m.
Zain noted that it is particularly interested in opportunities in the B2B and digital spaces.
Zain Group…
Kuwait-based Zain has invested alongside the IFC in MENA focused VC firm Wamda Capital’s growth stage funding round, which aims to raise US$75m.
Zain noted that it is particularly interested in opportunities in the B2B and digital spaces.
Zain Group CEO Scott Gegenheimer said “Zain is becoming an active participant in this new digital age by investing in venture capital funds that have an enviable track record of success across the region.” Zain is looking to benefit from smaller companies’ innovation, while establishing strategic collaborations as well as equity investments.
Zain Group chief strategy and business development officer Emre Gurkan said Zain’s goal was to “capitalise on the most promising B2B and digital ideas that can bring synergies to Zain and which can impact operations or revenues in Zain’s core business”.
The telco in 2014 set up Zain Digital Frontier and Innovation, which focuses on digital services, corporate venturing and smart cities.
