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Ibtikar Fund Launch, Palestine’s early stage fund
Ibtikar Fund launches and announces their first investments in eight Palestinian
startups
RAMALLAH, PALESTINE (May 30, 2016) – On May 30, 2016, Ibtikar Fund announced
their launch and first eight investments in Palestinian startups at a launch ceremony
at the Executive Club in Al Tireh. In attendance were entrepreneurs, Palestinian
private sector leaders, and representatives from the entrepreneur support
community.
Ibtikar (Innovation, in Arabic) Fund is a disruptive fund that invests in innovative
Palestinian companies at their earliest stages.
Mr. Habib Hazzan, Ibtikar’s Managing General Partner, explained that Ibtikar’s
investments begin at the seed level through local accelerators, continue in postacceleration phases and can also include Series A investments in its portfolio
companies. He said, “Ibtikar is closing a critical funding gap between acceleration
and other later-stage investors already in Palestine, a stage where many good
startups failed due to lack of funding and support.”
Mr. Hashim Shawa, Chairman and General Manager of the Bank of Palestine, the
anchor investor for the fund, was proud to announce that 80 percent of the fund’s
investors are Palestinian, either residing in Palestine or in the diaspora. Mr. Shawa
continued, saying “investors are not only supporting financially, but also look
forward to supporting the startups through their expertise and networks throughout
the world.”
Investors in Ibtikar include corporate investors like Bank of Palestine, Sharakat for
Small and Mid-Size Investments Company, the Arab Palestinian Investment (Holding)
Company, and business leaders including Farouk Shami, Qais Abdullah Al Ghanim,
Zahi Khouri, Samer Khoury, Ibrahim Barham, Fadi Ghandour, George Salem, Eddie
Farah, Emad Jaber and Riad Kamal. Additionally, Taawon supports Ibtikar companies
through expert advisors.
Mr. Nassim Nour, Managing Director of Sharakat Fund explained “Sharakat’s
investment in Ibtikar is a translation of PIF’s vision for investing in the emerging
entrepreneurial young generation of Palestine. We are proud of Ibtikar, and of its
management and partners, being the Palestinian vehicle that will take the creative
ideas of our Palestinian youth and turn them into viable and vibrant businesses at
both local and international levels.”
Ms. Ambar Amleh, Ibtikar’s Chief Operating Officer, announced the fund’s first
investments, including:
Mashvisor: an online platform that automates and analyzes nationwide real estate
data to empower investors to find traditional and Airbnb investment properties and
optimize their rental performance. Mashvisor has built interactive property and
neighborhood insights that include analysis of traditional and Airbnb pricing,
occupancy rates, seasonality trends, revenue potential, cost assumptions, cash flow
calculation, and financial and purchase investment analysis to enable investors to
overcome their limitations of making business intelligent investments.
Fadfid: an online platform to facilitate the connection between customers and
licensed psychologists from around the Middle East. Customers can choose a
psychologist, book a session, pay for it and conduct it all online on fadfid.com, while
only using a web browser and basic internet connection. In addition, customers have
the option of having video, audio or text sessions, and conduct the session in the
privacy and convenience of their own space and time.
Wirez: a promotional marketplace where freelance journalists and filmmakers can
share and sell their video work, and where interested media publishers and outlets
can buy stories to fulfill their coverage needs.
ArabiAuto: an Arabic-language car portal that allows users to search for a car,
connect to dealers, banks and insurance companies, while providing content, videos,
and information for car owners and enthusiasts.
Tasameem: an online marketplace specialized in graphic design for individuals and
small businesses, with a specific focus on the Arab market, where graphic designers
can upload their designs, and customers can browse available designs, customize
designs, and tender new designs.
Worknizer: a website that provides a space to organize files, notes, links, and to-do
lists, all in one place and through one account, making them available anytime,
anywhere.
5QHQH: a social web and mobile app that allows users to easily create and share
jokes, comics, and other humor. It received more than 30,000 visitors in the first few
weeks after its launch.
Masari: a cloud-based accounting program targeting micro and small enterprises in
the MENA region, allowing them to easily manage their cash flows, issue invoices
and view their historical financial data.
Ibtikar’s management team evaluates companies based on their vision, their ability
to succeed, the scalability of the business models, and their response to local market
needs with high-growth opportunities either at the MENA-region level or globally.
For more information, please visit Ibtikar’s website: www.ibtikarfund.com.
MEDIA CONTACTS:
Mr. Habib Hazzan (English and Arabic)
Managing General Partner
Ibtikar Fund
+970-568-880-111
+972-543-299-073
[email protected]
Mrs. Ambar Amleh
Chief Operating Officer
Ibtikar Fund
+970-597-916-161
[email protected]