Sharikat Mubasher: Anara Impact Capital announced the first close of its debut venture capital fund at $48 million, bringing it close to its target size of $50 million.

As per a recent press release, the impact-focused fund will invest in Seed and Series A startups across the Middle East and North Africa, targeting sectors including education, wellbeing, financial inclusion, and climate solutions. The firm aims to back companies capable of delivering both financial returns and measurable social and environmental impact.

The first close was supported by a group of institutional investors, including KfW Development Bank on behalf of the German Federal Ministry for Economic Cooperation and Development and the European Commission, alongside Innovative Startups and SMEs Fund (ISSF), Dara Holdings, regional family offices, and high-net-worth investors.

The fund plans to focus on startups expanding access to education and skills development, improving financial, mental, and physical wellbeing, and helping communities adapt to climate-related challenges.

Commenting on the milestone, Nafez Dakkak, Managing Partner at Anara Impact Capital, said the firm aims to demonstrate that scalable businesses addressing major regional challenges can generate both strong financial returns and meaningful impact. Meanwhile, Lubna Olayan highlighted the region’s entrepreneurial talent and its potential to create sustainable returns while tackling critical social and environmental issues.