Phoenician, More Capital’s dedicated venture capital arm, expanded its activities to the UAE by incorporating Phoenician Invest Ltd. (PIL).

PIL was granted a license to conduct the Regulated Activity of “Managing a Collective Investment Fund (Venture Capital Fund Manager)” by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).

PIL is launching “Phoenician Fund II” (PFII), a VC fund domiciled in ADGM with a mandate to invest primarily in early stage Fintech Startups in MENA, Europe, and the United States.

This is a major milestone for Phoenician’s continued regional and international expansion and growth.

This significant step highlights our team’s dedication to overcome the immense challenges emanating from a series of unfortunate events including Lebanon’s deep financial crisis, the Corona Virus pandemic, and the drastic Beirut Port’s explosion.