CAIRO: Saudi-based venture capital firm Emkan Capital has launched a fund valued at $31 million for early-stage tech startups across the region. The fund, named Emkan Capital Fund I, drew its investment from institutions and businesses across the world with a third of the capital coming from partners based in Silicon Valley. The capital will be directed at pre-seed and seed startups in technology sectors including fintech, e-commerce, logistics, artificial intelligence, cyber, cloud, and health tech. “We are excited to launch such an important fund, which will help bridge the knowledge and funding gap that is stifling many founders’ ambitions and limiting growth opportunities,” Ghassan Aloshban, general partner at Emkan Capital, said. Emkan Capital’s team consists of seasoned investors and entrepreneurs collectively bringing nearly 50 years of experience in successfully investing in businesses across Saudi Arabia, the UAE, the US, and Asia. The company’s current portfolio includes InvestSky, NovoGenomics, FENIX, Trukkin, Moji, Awaed, and Hubpay.