TURN8, a Dubai based venture capital firm, has launched $60m Venture Capital Fund that will invest in technology startups in the MENA region.

 Kamal Hassan, General Partner of TURN8, said: “No allocation has been set for North Africa, however, our fund will invest in the region as deal flow develops.”

 “We will mainly target Egypt, Morocco, and Tunisia for investment opportunities,” he told Africa Global Funds.

 The fund will make investments between $100k and $500k.

 According to Hassan, the new fund will follow a dual investment strategy.

 The fund will provide seed funding for accelerator stage startups, early stage entrepreneurs with proven minimum valuable  products.

 “Once the startup graduate from our accelerator, we could provide funding "follow-on funding” to help them grow and scale,”  he said.

TURN8 is one of the largest providers of seed capital in the MENA region catering to the global startup eco system.

Since the inception of TURN8 accelerator in 2013, 60 companies have received pre-seed funding and raised over $4m in co-investment from other VCs .

TURN8 growth accelerator offers several rounds per year focused on startups with minimum viable product innovations (MVPs) and immediate product-to-market fit in the MENA region.

Hassan said that the new fund “complements our current accelerator offering and fills in the gap to help startups grow”.

“We have invested in 60 startups through our accelerator program and now the fund will help them grow post acceleration,” he added.