Kafalat iSME invests
$600,000 in Falafel Games
Amount forms part of a
$2.6 million equity funding
Kafalat iSME Programme has contributed $600,000 of equity into Falafel Games, a developer of game applications.
The investment is part of a $2.6 million equity funding recently raised by Falafel Games to finance the creation of new games and its planned market expansion. Middle East Venture Partners (MEVP) has provided two million dollars.
iSME, which plans to exit this investment within five years, co-invests alongside institutional investors in innovative companies, said Bassel Aoun, Project Manager at the iSME Programme.
iSME has invested so far $1.1 million. It has also offered grants worth $960,000 to 64 projects, Aoun said.
iSME is a $30 million fund managed by Kafalat and financed by a loan granted by the World Bank to the Ministry of Finance.
The iSME fund has earmarked $25 million for equity co-investment and $2.5 million for grants while the remaining $2.5 million are for fees and expenses. The grants are given to startups at the idea stage with a ticket size of $15,000.
Reported by Shikrallah Nakhoul
Date Posted: Oct 14, 2016