STC Venture Fund invests $ 3 million

STC Venture Fund has signed a strategic partnership agreement with ikoo, the integrated digital marketing solution provider who owns the largest advertisement network in the Middle East and North Africa.
Under the agreement, the fund has invested $ 3 million in ikoo.
Through its investments in the venture fund, that is aimed at supporting the innovative and pioneer telecom and IT projects the investment will contribute toward boosting digital economy growth in the Middle East and North Africa and creating new job opportunities while supporting the infrastructure of knowledge economy.
STC Venture aims at financing the new initiatives of ikoo and its future growth plans, including its video and data — directed advertisement performance network and other expansion plans.
Ikoo stated its plans for entering new markets to extend its businesses in the Arabian Gulf.
It disclosed distinct initiatives that make part of its regional expansion strategy.
The involvement and investments of STC Venture managed by Iris Capital, reflects the huge potentials available to the digital and video marketing in the region as the declaration of the partnership comes after the announcement of ikoo launching the first and sole Arabic video clip network late 2012 which is in its trial phase.
Angus Patterson, STC Venture partner, said: “Ikoo is a leading platform in e-advertising in the region. It holds a strong position in area of advertisement display with its unique potential of reaching advertisement. It develops creative and new advertisement tools in performance, video and programmed advertisement. Thus STC Venture is proud with this huge investment in ikoo in partnership with our current investors i.e. Jabbar Internet Group and Tiger Global. We look forward to providing financial and strategic support in order to deliver more achievements in the future.”
Samih Toukan, chairman of Jabbar Internet Group, welcomed the partnership of STC Venture with ikoo which will benefit millions of users in the region where ikoo will be granted the capital necessary for growth and strengthening its position and entry into new markets.
Essam Baeside, Eco CEO, said: “The new partnership will have a great impact in consolidating our market leadership in and outside the region.”