Magnus Ventures Launches Fund to Back Overlooked Founders in MENAP

Magnus Ventures has launched its second fund at GITEX Global & North Star following the close of the M-I Fund, to back overlooked founders and markets in the MENAP region. With The M-II Ignition Fund, The VC firm aims to back innovators with breakthrough ideas, supporting those ideas that are too often overlooked and underfunded but bringing about impactful change including a sectoral focus on climate change resiliency-focused startups. Speaking to the media, Cofounder and CEO Zain Moosa said, “It’ll be used to fund early-stage entrepreneurs who are solving some of society’s biggest problems” with a special focus on the climate, healthcare and aging, economic empowerment, and services for the next-billion markets”. Established in 2010, the Magnus group and affiliated companies aim to increase the supply of equity capital to high-potential, early-stage MENAP companies by supporting new and emerging entrepreneurs who were left behind due to the early-stage equity availability gap. Having invested & accelerated 14 early-stage companies across verticals. Founder of the Magnus Group Ashraf Kalim said on the occasion, “What started as a passion project to help entrepreneurs, post the relief efforts of Pakistan’s worst earthquake to date, has transformed to a cross sector investment and venture portfolio”. Based across the region, Magnus Ventures supports ambitious founders at a pre-seed and early stage, typically with the first investment of up to $500,000. The firm takes a unique approach – committed to making VC accessible to the entrepreneurial talent that is often overlooked and underfunded, aiming to support breakthrough and game-changing ideas. Founded by Ashraf Kalim and Zain Moosa, the firm bets on over 20 years of combined experience in angel & venture capital investing, globally.