Looking for Funding? Evolveplus a New Venture Capital/Private Equity Just Launched in Jordan
This year is witnessing a growing array of people and companies entering the funding space for tech startups and companies in the Arab region, with Intilaq from Bayt.com and others who we will announce about them soon on ArabCrunch. And as of today Evolveplus based in Amman, Jordan has entered this space.
Evolveplus is a holding company that can be considered a Venture Capital (VC) in one hand or a Private Equity (PE) on the other. This means it provides funding for startups and companies from its own money (unlike many cashless VCs we see in the region) and from investors who subscribe to its different funding packages that are run in a similar fashion a VC fund is run. However there is a thin line between a VC and a PE, and a clear definition is still evolving in our part of the world.
Evolveplus investments focus revolves around technology from water and energy to Information and communication technology (ICT). “Anything as long as it has a technology angle in it” said Rami Alkarmi a serial business and social entrepreneur and Funder and Managing Director of Evolveplus. He added Like any innovative ICT automation feature that helps you do (things you could not do before or at a cheaper rate.) Evolveplus is looking for unique ideas that have potential to “evolve” themselves and help evolve the economy, Rami explained.
The investment company main target is to fund startups and companies in the Arab world with special attention to Jordan but they can also invest in any company worldwide. “The main objective is to help build the economy of Jordan and Arabic region.” Rami told ArabCrunch.
Evolveplus is open to provide funding to the following types of businesses, under the name of e+ Funds:
- Early Stage Growth Series: from idea up to the requirement of 1st round funding. Funding amount: 50,000 – 350,000 Jordanian Dinars (JD) – 1 JD = 1.41 United Stats Dollar (USD)-
- Restructure Series: Targeting underperforming ventures who have products, strategies, and/or target markets that are fundamentally sound but which require enhanced management, sales or marketing techniques, financial or operational controls, or other modifications in order to improve their prospects and operations. Funding amount: 300,000 – 1.2 million JDs.
- Established Growth Series: Targeted ventures who seek to finance projects or growth strategies with private equity funding, especially given limited access to capital markets and expensive/limited credit Funding amount : 750 ,000- 3 million JDs.
The amount of equity Evolveplus will retain in e+ Funds is based on case-by-case bases according to Rami.
The majority of the current investments are from Rami’s family funds; however they do have other investors. And as not all Evolveplus funds series are fully invested , Evolveplus welcomes investors.
Besides the e+ Funds, Evolveplus has other packages for investors (direct investors and institutional investors) who seeks to maximize their ROI and companies who seek funding:
- e+ Direct Project Investors: are investors with specific interest in a target sector/ venture allowing e+ to have majority control (51%) of target ventures (until exit) while limiting e+ Funds exposure to 20-30% per investment. e+ Fund Investors are given priority in direct project investment opportunities.
- e+ Special Purpose Vehicles (SPVs) are structured as close Ended, Jordanian-incorporated private shareholding companies that directly invest in target ventures it can also be investments in a specific sector. e+ SPVs are designed to have majority voting power ( min 51% of capital) without exposing e+ Fund to risks higher than 20-30% per invested venture.
Besides funding, Evolveplus will provide qualified startups/companies with management support, capital structure advice, business development & sales Generation, improved financial reporting & MIS And advice in improving the Corporate Governance.
ArabCrunch is excited to have another Venture Capital firm in Jordan and the Arab world. We look for more VCs to be born in our part of the world, specially those who invest in seed ideas and those who care for market potentials rather than immediate financial returns.