Anara Impact Capital, spun out from UK-based Alfanar Venture Philanthropy last year, will act as fund manager for the Social Entrepreneurship Fund, an $80 million vehicle to support social enterprises in the Middle East and North Africa region.
KfW Development Bank, on behalf of the European Commission, and BMZ, the German Ministry for Economic Cooperation and Development, provided anchor funding totalling €45 million ($52 million), with participation from Dara Holdings, the family office of Saudi billionaire Lubna Olayan, the $98 million Jordan-based Innovative Startups and SMEs Fund, and other private investors. The fund will also include a €35 million debt tranche to be launched later in the year and technical assistance facility.
“There is a depth of entrepreneurial talent across the region that is often underestimated,” said Olayan. “This talent can generate not only strong and sustainable returns, but also meaningful and lasting impact.” The fund wants to impact over 136,000 people and unlock over €67 million in additional capital.
MENA impact
Anara cuts seed and Series A checks for startups across North Africa and the Levant region. Alfanar, which is chaired by Olayan, has invested in 224 refugee entrepreneurs and social enterprises across education, climate, livelihood improvement and physical, mental and financial wellbeing, among other sectors since 2004.
The philanthropy’s reach spans Egypt, Jordan, Palestine and Lebanon. Its portfolio includes Palestine-based Flowless which smart water management solutions company, Lebanon-based NaTakallam, which links refugees and people in conflict-affected areas to remote job opportunities, and Egypt-based Future Eve Foundation, which provides microloans and training to help widows launch their businesses.
