Saudi venture capital firm Emkan Capital has announced the close of its inaugural $31 million fund, Emkan Capital Fund I (“ECP I”), which drew investment from institutions and businesses worldwide, with a third of capital coming from Silicon Valley.

ECP I will invest in pre-seed and seed-stage startups in key technology subsectors including fintech, e-commerce, logistics, AI, cyber, cloud, and healthtech across the MENA region. The fund will provide access to the global advisory team’s mentorship as well as critical access to corporate partners and tier-1 investors.

Emkan’s team brings nearly 50 years of experience in investing in businesses and working with founders across KSA, UAE, the US, and Asia. Emkan’s portfolio includes InvestSky, NovoGenomics, FENIX, Trukkin, Mojo, Awaed, and Hubpay.

Ghassan Aloshban, General Partner at Emkan Capital, said, “We want to make our mark by supporting founders through mentorship and access to transformational relationships. This region is home to great minds and wonderful stories waiting to be told. We are proud to be able to be there for founders earlier, rather than later. We want to provide capital, but much more than that we want to offer guidance and support to the local talent on their journey to building great businesses.”