Ibtikar Fund

As Ibtikar Fund completes the fund raising of its 25 million dollar second fund, it shares the remarkable successes of some of its most impactful partnerships; detailing the national and international successes of businesses within its portfolios.

Ibtikar Fund conducts due diligence procedures on all potential investments to target tech-based and tech-enabled startups that are both scalable and indicative of prosperous returns. Centering its work on championing Palestinian entrepreneurs within the growing technology industry, Ibtikar Fund has garnered a great level of interest from women founders and young people under the age of 35. Notably, the fund has reported that 47% of its recent portfolio was comprised of women founders, and 35% of funding was allocated to Palestinian youth.

Ibtikar Fund continues its efforts to transform business concepts into marketable realities and foster prosperity within the region. Most recently, the fund has extended its offering to include those in the Palestinian diaspora - encouraging reinvestment into the territory and reinvigorating the contemporary economic landscape. The fund outlines: "We believe in the disruptive and transformative power of technology startups. We look for founders willing to take risks and reach outside of their comfort zones; partnering with them as they scale their companies throughout MENA and beyond."

Exemplifying the impacts of Ibtikar Fund, are the many successful businesses that continue to thrive today. One of which is Coretava, founded by Aws Al Nabulsi. Born in the Palestinian city of Nablus, Aws designed the platform for e-commerce companies to enhance their marketing strategies and customer engagement. Coretava is recognized as the first Palestinian company to be accepted by Startup Chile – accessing the Latin American market and representing the large Palestinian diaspora residing there. The enterprise has experienced remarkably fast market growth within Brazil, due to a large number of e-commerce platforms and its advanced rate of tech development compared to that of the MENA region. Aws Al Nabulsi states: "Ibtikar Fund has been more than just an investor in Coretava; they've been an invaluable partner in our success. Their team has provided exceptional business strategy advice, guiding our decision-making on crucial matters, and supporting us in managing fundraising and cash flow with unwavering expertise. Their contributions have been a cornerstone of Coretava's growth and success. Ibtikar is a partner beyond VC, a partner you can rely on in every situation."

Similarly, Vatrin is an e-commerce business born in Palestine. Located in Ramallah, West Bank, it raised capital from the second Ibtikar Fund and was established by Ra'fat Masri, Diala Khashan, and Majd Taweel. The company quickly became one of the top-performing applications within Palestine and gained momentum during the global pandemic. During this time, other sellers began approaching Vatrin with requests to onboard themselves on the steadily growing platform. By opening the business up to social sellers, the fashion marketplace soon became a success – receiving a gross merchandise value (GMV) of $10 million. Ra'fat comments: "Ibtikar has been instrumental in helping us scale Vatrin into new markets like Iraq, Jordan, and Egypt, encouraging us to fuel our growth beyond Palestine's borders."

Another example is that of DataQueue, a Palestinian enterprise founded in 2021 by Bashir Alsaifi. As a comprehensive AI data training firm, it grants organizations access to a broad range of annotated and labeled data for AI modeling, recently garnering the attention of call centers across Europe. Bashir outlines: "At DataQueue, our success at this stage is driven by our ability to quickly pivot, and our deep understanding of clients' needs; embracing new ideas to stay ahead in the fast-evolving AI landscape. Ibtikar's support has been instrumental in this growth, providing not just funding but also guidance that helped us navigate challenges and seize opportunities. Their belief in us as founders has empowered us to push the boundaries."

As the technology industry continues to develop at an exceptional speed, Ibtikar Fund ensures Palestinian-founded enterprises are not left behind in the process. While the political and economic realities of the region seem uncertain, initiatives like the Ibtikar Fund play a vital role in restoring hope and making an impactful difference in the region's recovery. Palestinian entrepreneurs are among the many major players in the progression of the technology sector, reflecting promising potential alongside the unwavering support of social and economic advocates like the founding body and investors of Ibtikar Fund.