On November 2nd, WOMENA, one of the Middle East’s most active angel investment groups, celebrated its 2nd year anniversary with over a 120 investors and ecosystem members La Cantine du Fauborg. From a small group of 10 investors in November 2014, WOMENA has grown to 40 members who have invested 1.7 million AED in six portfolio companies. According to MENA startup database MAGNITT, there exists a major funding gap for early stage startups. 47% of MENA startups are seeking to raise angel rounds, however the angel community is small, with only an estimated 200 angel investors in the UAE. WOMENA seeks to bridge that funding gap by developing a new generation of angel investors and encouraging women to invest in tech startups.
WOMENA’s co-founder Chantalle Dumonceaux commented, “tonight we’re celebrating, not only WOMENA’s progress, but also the tremendous growth we’ve seen in the ecosystem. We’re most proud of the successes of our two first portfolio companies, Melltoo and AlemHealth who have seen nearly 10x growth since we’ve invested in them a year a half ago. We’re also excited to announce two new portfolio companies, Bayzat and Souqalmal, who we expect to see great things from in the future.
WOMENA’s Emirati co-founder, Elissa Freiha added, “The success of WOMENA and the fact that 80% of our members are women, proves that women have a place in investment and can significantly contribute to the growth of an innovation economy. In the coming year, we’ll be planning to further develop this potential by launching a series of initiatives to raise awareness and educate women to be confident angel investors.”
WOMENA is a UAE based group of investors working to support innovation diversity and Economic growth in the MENA region through encouraging women to invest in early stage tech Companies. WOMENA hosts an angel investment membership platform that provides high net worth women and investors a supportive, professional network and dependable guidance to invest where we facilitate the investment process from sourcing to close. Our goal is to change the trend and empower Middle Eastern women to become investors rather than consumers.
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