The Managing Partner of Plus VC Fund, Hassan Haider, confirmed that Financing Startups In Silicon Valley, it is completely shut down due to the current economic conditions, and the “party is over” for the fantastical ratings these companies were getting.
Haider added in an interview with “Al Arabiya” on the sidelines of the Seamless conference, currently being held in Dubai, which deals with the financial technology and electronic payment sector, saying: “Plus VC is a venture capital investment company and so far it has invested in 10 companies in the region in financial and health technology.”
He explained that the evaluations of start-up companies over the past two years have been fictional.
Haidar referred to the fund’s investment in Fintech companies in Egypt, in the health sector in Saudi Arabia and the UAE.
Haider indicated that the fund’s size is $60 million, and we expect to raise $20 million in a financing round in the coming weeks.