Ibtikar Fund Research
Investment Thesis
Ibtikar ("Innovation" in Arabic) Fund is Palestine's only dedicated venture capital fund, founded in 2016 to invest in disruptive, scalable technology and tech-enabled startups built by Palestinian entrepreneurs, both inside Palestine and across the broader MENA region. The fund believes in the transformative power of technology and partners with founders willing to take risks to scale their companies regionally and globally. Ibtikar looks for startups that serve a MENA-region or global market need, evaluated on team ability and vision, business model scalability, and market growth potential. The fund explicitly seeks a diversified portfolio across stage, target markets, and technologies to maximize returns and mitigate risk.
Sector Focus
Ibtikar is a generalist early-stage investor with a track record spanning:
- PropTech (Nabeeh, Konn, Mashvisor)
- E-commerce and retail SaaS (SellEnvo, Kenz, Mecal, Vatrin)
- Enterprise AI and data/analytics (DataQueue, MENA Analytics)
- Energy-tech / green-tech software (Algebra Intelligence)
- Consumer apps and wellness (Tawazon, 360Moms)
- Logistics (Olivery)
- Media and content distribution (Podeo, Tzkrti)
- EdTech / VR training (Mental)
- Cloud cost optimization (Milkstraw AI)
Stage Focus
Ibtikar funds startups from Seed through Series A, coupling capital with continuous guidance and hands-on support through the life of the investment.
Check Size
No explicit typical check-size range is published on the site. Observable data points: Fund II deployed a combined USD 1.4M across three companies (Alma Health, Algebra Intelligence, Vatrin) in its early deployment phase, implying seed checks in roughly the low-to-mid six figures. Exact check-size bounds are not confirmed and are omitted from structured fields pending stronger evidence.
Lead Tendency
Ibtikar both leads solo rounds (e.g., Nabeeh, SellEnvo, MENA Analytics) and co-invests alongside regional partners such as Flat6Labs Jordan Seed Fund (DataQueue) and Architects Contracting Company / Arco (Algebra Intelligence). The fund is explicitly open to co-investment and partnership with other funders and support organizations.
Recent Activity
Ibtikar Fund II ($25M, final closed with contributions including a $3M commitment from the EBRD in September 2024, the EBRD's first-ever investment in a West Bank and Gaza venture fund) has been actively deploying:
- January 2025: Co-invested (follow-on) with Flat6Labs Jordan Seed Fund in DataQueue, an enterprise AI / voice-AI orchestration platform
- January 2025: Invested in Nabeeh, a Saudi-market PropTech maintenance-management platform
- February 2025: Invested in SellEnvo, an e-commerce SaaS platform for multi-channel retailers
- March 2025: Invested in MENA Analytics, an AI-enabled market research and data analytics platform
- November 2022: Co-invested with Arco in Algebra Intelligence, an AI-powered energy management software company (TaQTaK)
Fund II launched in January 2022 and reached a final close of USD 25M (more than double the USD 10.35M raised for Fund I in 2016).
Portfolio Highlights
Ibtikar's active portfolio spans nearly 20 companies, including 360Moms (maternal resources platform), Coretava (B2B gamification and loyalty platform, formerly Gamiphy), Mashvisor (US-facing real estate investment data platform), Podeo (leading MENA podcast distribution platform), Tawazon (Arabic-language mindfulness and meditation app), and DataQueue (Arabic-first enterprise voice-AI platform). The fund has invested in a combined 26+ startups across its history per team bios, with co-investors across 21+ funding rounds.
Team
- Habib Hazzan, Managing Partner: co-founded Ibtikar Fund I in 2016; 25+ years as attorney, McKinsey strategy consultant, and VC; previously Co-Founder & Managing GP of Al-Bawader (Pitango Group), a $50M VC fund for Palestinian founders.
- Ambar Amleh, Managing Partner: co-founded Ibtikar Fund I in 2016; previously led Palestine for a New Beginning (PNB), building Palestine's entrepreneurship ecosystem and its first accelerator, FastForward. Kauffman Fellow.
- Hashim Shawa, Chairman: Chairman of Bank of Palestine Group; extensive international banking career at Citigroup and HSBC.
- Dana Mattour, Operations Manager: joined June 2022; previously in consumer banking at Al Quds Bank.
- Mustafa Ali, Portfolio Manager: reviews portfolio performance and financial projections; previously founding executive team at Palestine Techno Park.
- Reem Qawasmi, Venture Partner: joined 2017 as CFO-in-Residence; 15 years in entrepreneurship, management consulting, and assurance (Ernst & Young, PwC).
- Zahi Khouri, General Partner & Investment Committee Member: Founder/Chairman/CEO of The National Beverage Company (Coca-Cola licensee for Palestine); key founder of Ibtikar Fund.
- Marcelo Díaz Bowen, General Partner & Investment Committee Member: General Partner at WeBoost (Chile); 22+ years in venture investing across Latin America, US, Europe, Middle East, and Asia.
- Reem Khouri, Independent Investment Committee Member: Co-founder/Chairwoman of Whyise; Founding Partner of Kaamen.
- Amir Salameh, Independent Investment Committee Member: technology strategy advisor for global PE/VC diligence.
Decision Process
Ibtikar operates with an Investment Committee that includes both General Partners and independent, non-executive members (Reem Khouri, Amir Salameh) who provide governance and diligence input alongside the Managing Partners.
Founder Preferences
Ibtikar looks for motivated, skilled Palestinian entrepreneurs (from Palestine or the broader MENA region) with highly-skilled, complementary management teams, building tech or tech-enabled businesses that are scalable and address a real regional or global market need.
Geographic Focus
Palestine and the broader MENA region, with portfolio companies expanding into Saudi Arabia, Jordan, and beyond; Fund II's investor base includes international development finance institutions (EBRD).