Phoenix Venture Partners closes debut fund

Phoenix Venture Partners said the fundraising period for Phoenix Venture Partners Innovation Fund CEIC Ltd. concluded effective October 3, 2026, after which the fund would no longer accept new commitments. SceneNow separately reported that the debut fund closed at $23 million, and FWDStart said that figure covered both the fund and co-investments.

What did Phoenix Venture Partners say about the fundraise?

Phoenix said the fundraising period for its debut fund had ended and that no new commitments would be accepted after October 3, 2026. The firm described itself as an Abu Dhabi Global Market-incorporated venture capital fund manager regulated by the FSRA and said it received its Financial Services Permission on March 7, 2024.

The firm also said the fund's performance had included three consecutive quarters of top-decile results. Phoenix did not disclose the fund size in its own announcement excerpt, while secondary reports placed the close at $23 million.

Which startups is the fund targeting?

Phoenix Venture Partners says the fund invests across seven technology sectors: fintech and insuretech, healthtech, agritech and foodtech, edtech, enertech, logitech and mobility, and consumer tech. The firm says it targets both B2C and B2B markets across the GCC, MENA and G20 economies and backs early-stage companies from seed through Series B.

SceneNow reported that the fund will primarily target fintech, healthcare, education, logistics and sustainability startups, while retaining flexibility to invest internationally. The firm also says its typical investments range from $100,000 to $7.5 million, with up to $7.5 million invested in a single company over its lifetime.

Who backed the fund and how much capital is left?

SceneNow reported that Phoenix secured commitments from 42 investors across nine countries, including KSH Investments, Al Imtiaz Investment Group, the family office of Fawzi Musaed Al Saleh and private investment funds from Luxembourg. SceneNow also said Phoenix had already backed seven startups and planned a portfolio of 15 to 20 companies.

FWDStart reported that Phoenix had seven companies in its first fund and that 45% of committed capital remained available for investment. SceneNow likewise said around 45% of the fund remained available for new investments and follow-on rounds, with deployment expected to continue through 2027 and potentially into 2028.

Phoenix says its capital allocation strategy is up to 5% for scouting, 35% to 40% for first investments and as much as 60% for follow-ons. The firm also says it works with portfolio companies through board-level engagement and supports growth, follow-on funding, talent management and exit planning.

What has Phoenix invested in so far?

SceneNow reported previous Phoenix deals including UAE fintech company Sav and COFE Tech, while Phoenix's own announcement confirmed an October 7, 2026 investment in COFE District LLC, which it described as a provider of intelligent procurement and commerce infrastructure serving more than 1,000 Gulf businesses. FWDStart separately reported that Phoenix backed COFE Tech through a secondary transaction before the company's $43 million pre-IPO round and that founder Steve Khayat joined the board.

Phoenix says the firm was incorporated in Abu Dhabi Global Market on November 2, 2023 and was founded by Steve Khayat, Fares Al Obeid and Musaed Al Razouki. The manager also says its ecosystem and sourcing network includes ADGM, Abu Dhabi Investment Office, Hub71, Kuwait Foundation for the Advancement of Sciences, Bahrain FinTech Bay, VNTR and the European Business Angels Network.