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FOR IMMEDIATE RELEASE 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]