UAE-based Phoenix Venture Partners has closed its debut venture capital fund at $23 million, with plans to invest in technology startups across the Middle East and North Africa.

Founded by Steve Khayat, Fares Al Obeid and Musaed Al Razouki, the firm secured commitments from 42 investors across nine countries. Backers include UAE-based KSH Investments, Kuwait-listed Al Imtiaz Investment Group, the family office of Fawzi Musaed Al Saleh and private investment funds from Luxembourg.

The Phoenix Venture Partners Innovation Fund will primarily target startups in fintech, healthcare, education, logistics and sustainability, while retaining flexibility to invest internationally. The firm has already backed seven startups and plans to build a portfolio of between 15 and 20 companies.

Around 45% of the fund remains available for new investments and follow-on rounds, with deployment expected to continue through 2027 and potentially into 2028. Phoenix Venture Partners also offers co-investment opportunities alongside its direct investments, with previous deals including UAE fintech Sav and COFE Tech.

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