One of the Venture Capital firms named Emkan Capital based in Saudi Arabia has closed its funding worth $31 Million as Emkan Capital Fund I (ECP I)

Emkan Capital Fund I (ECP I) is focusing on investing in the MENA region as a pre-seed or seed start-up. Its major focus is on fintech, e-commerce and others.

Ygii, a startup based in Egypt, has raised an undisclosed amount of pre-seed funding in a round led by Flat6Labs, a prominent regional startup accelerator. The funding will be used to develop Ygii’s platform, hire talent, and scale its operations.

Ygii is currently operating in more than 49+ countries and also the company assures that itits monthly users rate is ing higher by 34%.

With this funding round, Ygii can upgrade its existing product technology and can focus majorly on expansion.

Press release by Ygii 

Ygii, the social commerce platform that enables users to create and share wish lists with friends and family, is proud to announce the successful closure of a pre-seed investment round. The funding was led by Flat6Labs and participated in by a group of prominent angel investors.

Founded in 2022 by Abdulkareem Aloumi and Ayman Alzamil, Ygii has seen rapid growth, with a monthly user increase rate of 34% and a global user base spanning over 50 countries. The companywell-positionedoned to continue its growth trajectory with this new investment, which will be used to further develop its technology and strengthen its revenue streams.

“We are thrilled to be at the forefront of the social commerce revolution,” said Abdulkareem Aloumi, Co-Founder and CEO of Ygii. “As this sector continues to grow and mature, we believe Ygii will play a pivotal role in shaping its future.” According to an Accenture study, the social commerce sector is expected to reach $1.2 trillion by 2025.

Ygii’s innovative gifting approach and commitment to delivering a seamless user experience make it a standout player in a rapidly expanding market. With the support of Flat6Labs and experienced angel investors, Ygii is well set for a successful journey to drive significant growth in the social commerce sector.

Press release by Emkan Capital 

Emkan Capital, a leading Saudi venture capital firm focused on early-stage technology start-ups across GCC and broader MENAP has announced the close of its inaugural $31 million fund, Emkan Capital Fund I (“ECP I”). ECP I successfully drew investment from institutions and businesses across the world, notably attracting a third of the capital from Silicon Valley-based partners.

Emkan’s fund, ECP I, will oversee strategic investments in pre-seed and seed-stage companies with high-growth potential in key technology subsectors. This will include business models including fintech, e-commerce, and logistics, as well as spanning frontier sectors such as AI, cyber, cloud and health tech across the MENA region. With the fund’s capital committed, the firm will continue on its path of investing in resilient business models and providing founders with access to the global advisory team’s mentorship and critical access to corporate partners and tier-1 investors.

Ghassan Aloshban, General Partner at Emkan Capital, said: “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. Particularly now, at a time when founders can find themselves drowning in options but starving for knowledge, 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.”

Turki Alshaikh, Co-founder of InvestSky, an Emkan portfolio company, added: “The team at Emkan has been truly instrumental in helping us grow. Beyond their investment, Ghassan and the team went above and beyond to connect us with industry heavyweights and international subject matter experts. The close support and guidance we received made a huge difference and we were particularly impressed by their combination of regional expertise with a global perspective.”