Dubai, UAE – UAE-based venture capital (VC) firm VentureSouq has been selected as one of ten fund managers globally—and the only representative from the Middle East—to participate in the inaugural cohort of the We Fund Climate program by the International Finance Corporation (IFC). The program, aimed at supporting climate-focused VC funds in emerging markets, fosters gender-lens investing strategies through a year-long peer-learning initiative.
The IFC’s We Fund Climate program seeks to unite climate-focused VCs committed to supporting female entrepreneurs in climatetech. The initiative promotes strategies that advance financial inclusion and increase investments in women-led climatetech startups, which currently receive only 10% of global investments.
VentureSouq’s Gender-Inclusive Investment Strategy
According to Moustafa Salem and Fran Deininger, managers of We Fund Climate at IFC, that the peer learning platform is designed to unite climate-focused venture capital funds that are committed to supporting female entrepreneurs in the climate sector. The program will promote and assist these funds in developing strategies that help to advance outcomes for women and accelerate financial inclusion, with the aim of increasing investment in women-led climatetech, which currently amounts to only 10 percent of global investments.
“VentureSouq is one of the few VC funds in MENA that integrates gender inclusion into its investment strategy while addressing climate change,” said Salem and Deininger. “The fund has actively participated in programs that promote financing opportunities for women-led startups, including IFC’s She Wins Arabia program.”
While the We Fund Climate initiative aims to boost investment in female-led climatetech startups, Salem and Deininger emphasize that it also actively engages male investors to drive meaningful change. The program offers participants access to a global network of climate-focused fund managers, IFC experts, and climate startup founders, as well as insights derived from real-world case studies.
VentureSouq’s Commitment to Diversity and Inclusion
Speaking to Inc. Arabia, Sonia Weymuller (Co-founder and General Partner) and Lola Fernandez (Principal) explain that gender diversity has been a foundational strength of the firm since its founding in 2013, with female leaders occupying key positions from top management and portfolio founders to backers. “We see women as powerful agents of change to drive innovation and new investment theses, including climatetech,” they explain.
“Our gender lens framework is embedded in a holistic stakeholder approach, recognizing the multifaceted roles women play across the innovation ecosystem, and the different ways a technology product can impact women in the marketplace. We incorporate the role of women throughout our investment process, and into our investment thesis, paying special attention to the diversity of founding teams, their hiring strategy, and their culture.”
Climatetech Investments and Challenges in MENA
Since launching its early-stage climatetech fund in 2022, VentureSouq has made 20 investments in the sector, including:
- Dendra Systems (UK-based AI and drone ecosystem restoration and reforestation platform)
- Seafood Souq (UAE-based digital ecosystem for the global seafood trade)
- Orbillion (US-based B2B cultivated meat technology company)
The fund focuses on key areas such as food security, supply chain transparency, carbon accountability, and financial resilience. However, Weymuller and Fernandez acknowledge that climatetech startups in MENA face major hurdles, including limited access to capital, difficulty securing offtakers, and challenges scaling in fragmented markets.
“Venture capital plays a crucial role in catalyzing climatetech innovation by taking the initial risk to invest,” they said. “We help accelerate commercialization and signal to both public and private stakeholders the viability of specific climate solutions.”
Future Outlook and Impact of We Fund Climate
Through IFC’s We Fund Climate program, VentureSouq aims to refine its approach to gender-lens climate investing while expanding its network. As the only fund selected from the MENA region, the firm intends to share its learnings with limited partners, general partners, and founders across the startup ecosystem.
“Our goal is to formalize our gender-lens framework, deepen our knowledge of best practices, and implement metrics that guide our operations and portfolio,” said Weymuller and Fernandez. “This initiative positions us at the forefront of disruptive climate investing narratives, helping us source and back the best climatetech startups.”
VentureSouq’s involvement in We Fund Climate underscores its commitment to fostering a more inclusive and sustainable investment landscape in MENA and beyond. The firm continues to champion diverse teams, reinforcing the belief that sustainability and profitability must go hand in hand in the evolving climatetech sector.
Source: Inc.Arabia
