Arab Angel Fund hits USD 10 mn first close on USD 25 mn fund. The funds were committed by “strategic limited partners in the MENA region and the GCC” including “individuals from private family offices, chairmen and board level members of notable companies, sovereign investment vehicles, and various public and private executives across various sectors.” AAF GP and managing director Kyle Hendrick billed the fund as a “new asset class for MENA and GCC investors … provid[ing] our LPs with unprecedented access to VC backed entrepreneurs and their startups in North America. We are excited at the growth prospects of our existing portfolio companies and look forward to helping them scale in the GCC and MENA region as part of their international expansion strategy.” Adds Omar Darwazah, a fixture of the regional IR scene and general partner at AAF: “We look forward to continue building a robust investment highway between the venture community in North America and the GCC and MENA regions.” The fund is aiming for a September 2017 final close. The full press release is here (pdf) and you can view Arab Angel’s current portfolio here.