MENA-focused venture capital firm Wamda Capital has reached a first close for Wamda MENA Ventures I, which has a target of US$75 million. Investors in the fund include development finance institution International Finance Corporation, global growth markets investor The Abraaj Group, United Arab Emirates-based conglomerate Crescent Enterprises and Kuwait-based telecommunications company Zain Group. Wamda Capital has made its first two investments from the fund in News Group International, a United Arab Emirates-based news management company, and Jamalon, a Jordan-based online bookstore. Financial details of the transactions were not disclosed.