New technology companies in the southern and eastern Mediterranean (SEMED) region will benefit from additional sources of new funding thanks to a $10M equity commitment by the European Bank for Reconstruction and Development (EBRD) to the venture capital fund Badia Impact Squared (Fund) managed by Silicon Badia.
Badia Impact Squared is offering alternative equity funding to early-stage technology companies in the SEMED region. The fund will focus on investments in Egypt, Jordan, Lebanon, Morocco, and Tunisia, with a principal focus on Jordan and Egypt.
The investment is the EBRD’s second commitment to Silicon Badia, following an $8M commitment to Badia Impact Fund in 2014. Silicon Badia has made investments in technology companies developing products and services with applications in sectors such as healthcare, financial services, and transportation.
The EBRD’s support for Silicon Badia is financed through the Bank’s €100M Early-Stage Innovation Facility, which aims to address the demand for capital and support for early-stage innovative micro, small and medium-sized enterprises in its region.
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