People Equity Fund, a talent investor platform for emerging markets, has announced raising $15 million for its first fund. Could this be the catalyst that transforms Morocco, Algeria, Pakistan, and Bangladesh into the next startup powerhouses?
Founded by Rachid Ouaich, Mohammad Raafi Hossain, and Hassan Karimi, People Equity Fund aims to invest in individuals at the earliest stage of their entrepreneurial journeys. This $15 million fund is set to help aspiring founders in some of the most overlooked and underfunded markets. Although details of its limited partners (LPs) remain undisclosed, they include GCC-based family offices. The fund is also in discussions with institutional investors and corporates from the region, potentially increasing its target size.
The first cohort will commence in Bangladesh on October 1st, with applications opening in late July. Pakistan follows in Q1 2020, and Morocco and Algeria will launch in subsequent quarters. The founders, who bring decades of experience in institutional investing, startup leadership, and digital government initiatives, believe in identifying outlier opportunities by investing in undervalued and underfunded markets compared to more established ones.
“People in emerging markets are tenacious and ambitious, yet overlooked and underfunded by global venture capital. Our vision is to equip these people with capital, knowledge, and networks to create globally successful companies and build ecosystem highways between emerging countries,” notes People Equity Fund in its deck, seen by MENAbytes.
People-stage investments are not new, with platforms like Antler in Singapore and Entrepreneur First in London leading the way. Regional players like Wamda and Beco Capital also invest at the idea stage. However, none focus specifically on the markets targeted by People Equity Fund. With a combined population of over 450 million and a young, talented demographic, these countries have been outperforming many emerging economies. PwC and Goldman Sachs have named them among the top 20 countries by 2050.
The fund will source “ambitious, passionate, and dedicated individuals” for its intensive 12-week capacity-building program, helping them launch globally successful companies from their local markets. Participants will receive competitive remuneration, and those unable to find co-founders will have options like joining another team, placement with a local corporate partner, or preparing for a future cohort.
Graduates of the program will receive $25,000 per person as an investment in their startups. Applications for People Equity Fund’s program will open in the coming weeks. Could this fund be the game-changer for entrepreneurial talent in these undervalued markets? The answer seems promising. Stay tuned as People Equity Fund embarks on its mission to transform the startup ecosystems of Morocco, Algeria, foremost.
