(Ecofin Agency) - Khaled Talhouni (pictured), former director of the sub-Saharan Africa-focused venture capital firm Wamda Capital, has resigned from his position to focus on his plans to set up an investment fund called Nuwa Capital. The newly formed entity aims to raise $100 million in commitments from investors.

Saudi-based Al Faisaliah group, which is active in the food and beverage, electronics, multimedia, and chemical sectors, has expressed desire to join Nuwa Capital as an investor and strategic partner. The amount to be invested is not disclosed.

The capital raised by Nuwa will be injected into value-added companies operating in the financial services, mobility, logistics, and software development sectors. Beneficiary regions include North Africa and the Middle East, East Africa, the United Arab Emirates, Pakistan and Turkey.

“The ambition of the Nuwa Capital team is to rethink the way we operate venture capital in emerging markets. There is an incredible opportunity at this time to help build the next generation of innovative companies that will define their respective sectors and with our partners, we are ready to lead this transformation,” commented Khaled Talhouni.

 Chamberline Moko