Lebanese VC Middle East Venture Partners  Invests More than $10 Million in 5 Tech Startups

26 Oct, 2014

MEVP logo
Middle East Venture Partners (MEVP) has announced that it made 5 new investment in 5 new startups.

The startups are” Mobinets raised $3M, Series B, Fuel Powered raised $2M, Series A, FADEL Partners (Undisclosed, Series A), Klangoo raised $1.5M, Series A, Bookwitty ($4M, Series B) closing soon.

Here is a quick bio of each of those startups:

Mobinets
A $3M investment in “Mobinets” www.mobinets.com, a Telecom software provider launched in 2011 and specialized in next generation smart Operation Support Systems (OSS) solutions. Mobinets’ key product “NEP” (Network Enterprise Product) allows telecom operators to control and manage their network infrastructure in real time at lower costs than existing solutions. Mobinets is managed by a world class C-level and Board of Advisors team that combine a unique experience of Telecom & IT know-how. Mobinets has built a very strong portfolio of Telcos that include A1 Touch, Vodafone Group, Orange, Zain, MTN, Ooredoo, Meditel, etc.

Fuel Powered
A $2M investment in Fuel Powered www.fuelpowered.com (previously Grantoo) as part of a $3.5M financing round alongside the Rising Tide Fund. Fuel Powered’s platform helps mobile games add multiplayer functionalities instantaneously enabling gamers to compete with each other. Fuel Powered’s implementation with its latest clients proved itself by a 135% increase in sessions/user and a 2.26x increase in the 7 days retention ratio. The company has 30 million online accounts created and signed prominent clients such as Miniclip.

ADEL Partners
An investment in FADEL Partners www.fadelpartners.com (for an undisclosed amount), a software company (local office in USA) that developed and commercialized “IPM Suite” an Intellectual Property, Rights & Royalties management product for a variety of global industries (media, publishing, pharmaceuticals, etc.). IPM Suite was developed by a world class team with relevant experience in ERP integration and development of similar solutions (Oracle, IBM etc.). IPM Suite is targeted towards Fortune 500 companies looking to better manage their IP rights distributed across platforms, geographies, franchising rights and royalties. It has a strong client base that includes Marvel Studios, O’reilly and F5 Networks.

Klangoo
A $1.5M investment in Klangoo www.klangoo.com, owner of the text analysis technology “Magnet”. Klangoo is the result of 50+ years of high profile research and development in areas of Natural Language Processing and Understanding. Magnet technology can be applied to several verticals ranging from content publishers, advertising platforms and customer support. Klangoo’s advanced technology has witnessed a strong interest from leading content publishers and IT companies in US, Europe, South America, and the Middle-East and will be announcing major client deals before the end of the year.

Bookwitty
A A $4M investment in Bookwitty www.bookwitty.com , an international online book distribution company. The company started as an online seller for books sourced in Lebanon then extended its catalogue to suppliers based in France, the UK, Germany, and the USA. It relies on highly optimized supply chain processes as well as smart algorithms and services for online sales. Empowering bookstores and publishers to be competitive on local markets, it gives them access to a global catalogue with more than 25 million references. The company is now launching Bookwitty.com, an online platform for book enthusiasts. Bookwitty is a fast growing company with a 2012-2014 Revenue CAGR of 81.8% and expected 2014 revenues of $36M.

The transaction is expected to close by year end 2014.

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