# Top 50 Media (entertainment) VC (Venture Capital) Funds in Middle East in June 2026 ## Raz Group - Type: VC Fund - Location: Riyadh, Ar Riyad, Saudi Arabia - Relevant deals: 25 - Stages: Seed, Pre-Seed, Convertible Note - Focus: Events, Advertising, Media and Entertainment Raz Group empowers entrepreneurs and helps them transform their passions into value-adding companies. ## Firstime Venture Capital - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 15 - Stages: Seed, Series A, Series B - Focus: Software, Machine Learning, Artificial Intelligence Firstime Ventures is investing in companies who are building a sustainable & accessible future for all. ## Middle East Venture Partners (MEVP) - Type: VC Fund - Location: Dubai, Dubai, United Arab Emirates - Relevant deals: 13 - Stages: Series A, Seed, Series B - Focus: E-Commerce, Financial Services, FinTech MEVP is a Middle East-focused venture capital firm that invests in the early and growth stages of innovative tech companies run by talented entrepreneurs in the Middle East with a focus on the GCC and Levant countries. With a team of 20 VC professionals across offices in Dubai, Beirut, Bahrain, Abu Dhabi, and Riyadh, MEVP manages 5 regional funds with more than USD 260 million in Assets Under Management. MEVP is the largest and most established VC firm in the region, with clear cross border investment appetite. ## F6 Ventures - Type: VC Fund - Location: Gîza, Al Jizah, Egypt - Relevant deals: 12 - Stages: Seed, Pre-Seed - Focus: Software, E-Commerce, Information Technology F6 Ventures is a leading seed stage venture capital firm operating across emerging markets. We back exceptional founders from idea-stage all the way to Series A, combining early capital with strategic support and a commitment to long-term partnership. With deep ties across the Middle East, Africa, and beyond, we empower innovative startups to scalewith purpose and impact. We manage over $90M in AUM across more than 300 investments in seven countries. By investing early in Pre-Seed to Pre-Series A rounds, we help founders cover initial costs, develop their product, and take it to market. This early capital acts as a launchpad, enabling startups to hit key milestones like securing first customers, attracting follow-on funding, and making significant strides forward. ## Pitango VC - Type: VC Fund - Location: Herzliya, Tel Aviv, Israel - Relevant deals: 11 - Stages: Series A, Series B, Series C - Focus: Software, Health Care, Information Technology Pitango VC is a venture capital firm focused on health-tech (Pitango Health-tech) and growth (Pitango Growth) investments in startups around the world in domains such as vertical SaaS, digital health, deep tech, fintech and insurance technology, devops, generative AI, Web3, and food tech.With two offices in Israel, Pitango currently managesseveral venture funds totaling over $2.8 billion in committed capital. It has invested in more than 250 companies. ## 2B Angels - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 10 - Stages: Seed, Series A - Focus: Software, SaaS, Artificial Intelligence Cheshin Venture Capital - Beyond funding, we provide: mentorship, strategy consulting, connections, and Joyon your way to becoming a truly exceptional company. ## Magma Venture Partners - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 10 - Stages: Series A, Series B, Seed - Focus: Software, Mobile, Enterprise Software Magma is Israel's leading venture capital firm specializing in early-stage investments in communication, semiconductors, internet and media. They seek bright ideas, infuse them with experience and foresight, and facilitate their rise as industry leaders that redefine the global communications sector. They use their experience and sectorspecialization in cooperating with entrepreneurs, industry experts, and other investors to define the future of the communication, semiconductors, internet and media arenas. Their goal is to foster and enable the flow of innovation from an idea's early stages and through a company's emergence as a leader within its dynamic market. They understand the local market and help to influence the global one. ## Oqal - Type: VC Fund - Location: Riyadh, Ar Riyad, Saudi Arabia - Relevant deals: 9 - Stages: Seed, Pre-Seed, Series A - Focus: E-Commerce, Software, Information Technology Oqal Group was formed as an endowment group by a group of young businessmen to be a platform that brings together angel investors and emerging entrepreneurs to form partnerships of economic feasibility that raise the welfare of society and enhance the quality of life. It enables the founders of entrepreneurial startups to develop innovative andfast-growing startups in a variety of sectors by providing access to smart capital and experienced angel investors. ## Cardumen Capital - Type: VC Fund - Location: Tel Aviv-yafo, Tel Aviv, Israel - Relevant deals: 8 - Stages: Seed, Series A, Pre-Seed - Focus: Software, Artificial Intelligence, SaaS We are an early-stage venture capital firm that invests in visionary founders transforming the world through technology. ## PLUS Ventures - Type: VC Fund - Location: Ramat Gan, Tel Aviv, Israel - Relevant deals: 8 - Stages: Seed, Series A, Series B - Focus: E-Commerce, Software, Video PLUS Ventures, part of the Moldawsky Group, is the first multi-vehicle early-stage investment firm - a structure which enables the company to tailor the right investment suited for each venture's specific needs.PLUS's investment specialization is in Israeli early stage, fast growth technology and media ventures. Its mission is to takea hands-on approach and help great entrepreneurs create great companies.In addition to, and as important as, straight-up cash, PLUS puts its long-term expertise, skills, and ecosystem to work with, and for, its portfolio companies.PLUS Ventures is one of the most active early-stage investors in Israel, and plans to continue to be a dominant player in this field for years to come. ## Wamda Capital - Type: VC Fund - Location: Dubai, Dubai, United Arab Emirates - Relevant deals: 7 - Stages: Seed, Series A, Series B - Focus: E-Commerce, Software, Information Technology We are a leading venture capital firm in Dubai, UAE, focused on supporting entrepreneurs in the MENA region at the seed- and early-stage building great companies. ## Flat6Labs - Type: VC Fund - Location: Gîza, Al Jizah, Egypt - Relevant deals: 7 - Stages: Seed, Pre-Seed - Focus: Software, E-Commerce, Apps Flat6Labs is the MENA region’s leading seed and early stage venture capital firm, currently running the most renowned startup programs in the region. Annually, Flat6Labs invests in more than 100 innovative and technology-driven startups enabling thousands of passionate entrepreneurs to achieve their daring ambitions and ultimately becoming theirinstitutional co-founders. Flat6Labs manages a number of seed funds with a total AUM in excess of $85M. More than 25 leading institutions have invested into the Flat6Labs managed funds; believing in the asset class and Flat6Labs’ proven track record as the market leader.. Flat6Labs provides a wide range of investment ticket sizes ranging from $50K to $500k, supporting startups through their early journeys from Pre-Seed all the way to Pre-Series A stages. Alongside to the investments, Flat6Labs’ exceptional startup programs, executed to cater specifically for the needs of the innovative entrepreneurs, helps them accelerate their growth by providing them with a plethora of support services and connecting them to unparalleled opportunities with an expansive network comprising hundreds of business mentors, investors and corporates. Launched and headquartered in Cairo since 2011, Flat6Labs has multiple offices across the region; with ongoing plans to expand into other emerging markets. ## Cairo Angels - Type: VC Fund - Location: Cairo, Al Qahirah, Egypt - Relevant deals: 6 - Stages: Seed, Angel, Pre-Seed - Focus: E-Commerce, Mobile, Marketplace Cairo Angels is an angel investment network that invests in and supports early-stage startups it convenes regular investment meetings to review pre-selected potential investees. ## Inimiti - Type: VC Fund - Location: Glil Yam, Tel Aviv, Israel - Relevant deals: 6 - Stages: Seed, Series A - Focus: Software, Photography, iOS Established Authority WITH Passion ## Vision Ventures - Type: VC Fund - Location: Dammam, Ash Sharqiyah, Saudi Arabia - Relevant deals: 6 - Stages: Seed, Series A, Pre-Seed - Focus: Information Technology, Software, E-Commerce Vision Ventures (VV) is an early stage venture capital firm founded by experienced entrepreneurs. Its slogan is:"By Entrepreneurs for Entrepreneurs". We invest in innovative startups in the Seed and Series A across a wide range of verticals. We help startups realize their dreams and make a difference in a noisy world. We are an energeticteam that has a wealth of experience in starting companies and steering them to success and hyper growth. Our combined experience spans over 90 years in multiple countries which gives us extensive experience in multi-national, multi-cultural teams. We provide startups with hands on assistance and guidance on marketing, sales, product/service development, financial planning and management, expansion & growth strategy, and more. ## Acasia Group - Type: VC Fund - Location: Cairo, Al Qahirah, Egypt - Relevant deals: 6 - Stages: Seed, Angel, Pre-Seed - Focus: E-Commerce, Mobile, Software Cairo Angels is an angel investment network that invests in and supports early-stage startups it convenes regular investment meetings to review pre-selected potential investees. ## Insight Partners - Type: VC Fund - Location: New York, New York, United States - Relevant deals: 6 - Stages: Series B, Series A, Series C - Focus: Software, Information Technology, SaaS Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies. ## Kaedan Capital - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 6 - Stages: Seed, Series A, Series B - Focus: Software, SaaS, Mobile Kaedan Capital is a private investment group active for over 15 years. We are entrepreneur centric investors with co-founder mentality, focused on Israeli related, seed to early stage ventures in diverse technology areas. ## RePie Asset Management - Type: VC Fund - Location: Istanbul, Istanbul, Turkey - Relevant deals: 6 - Stages: Seed, Series A - Focus: FinTech, Software, E-Commerce RE-PIE is Turkey's first alternative asset management company that was authorized by Capital Markets Board of Turkey to establish real estate investment funds in 2015. With our top-quality management team that has many years of professional experience in various markets, it is our privilege to serve our investors to generate best in classinvestment returns in accordance with their risk perceptions and return expectations in line with our well-structured investment process and risk management guidelines. We aim to provide new funding opportunities and resources for Turkish Capital Markets in order to enable new investments and to grow steadily by increasing our fund size with wide range of products in various asset classes. ## Raed Ventures - Type: VC Fund - Location: Dammam, Ash Sharqiyah, Saudi Arabia - Relevant deals: 5 - Stages: Seed, Series A, Pre-Seed - Focus: E-Commerce, Software, Financial Services We partner with exceptional founders building breakthrough companies and creating scalable impact in MENA region ## Jabbar Internet Group - Type: VC Fund - Location: Dubai, Dubai, United Arab Emirates - Relevant deals: 5 - Stages: Seed, Series A, Pre-Seed - Focus: E-Commerce, Retail, Internet The exit of Souq to Amazon is the largest tech transaction of the region, and Souq continues to pave the way in e-commerce in the region. Souq was built from the ground up by the same team at Jabbar, who built the Maktoob portal before that. Maktoob was born out of a simple idea but with a vision that the Arabic Internet will grow and become anintegral part of everybody's life, and grew to become the largest Arabic Internet property before Yahoo acquired it.Both the Souq and Maktoob stories have become inspiring success stories in the region, where budding entrepreneurs and VC's alike, look to our team for inspiration and new ideas.Today Jabbar continues to grow and pave the way for tech in the region. It is in this spirit that we embrace any entrepreneur who is willing to innovate and take risks in order to create something great. Jabbar nurtures such individuals and supports nascent ideas that are in line with its mission. So join our journey :-) ## lool ventures - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 5 - Stages: Seed, Series A, Series B - Focus: Software, Artificial Intelligence, SaaS We find and work with Israel’s best founders who are driven by a clear vision of how the world or an industry could be better. We share their obsession with bringing that vision to life. We do this at the very start of their journey. We are Israel’s Seed Fund. ## Remagine Ventures - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 5 - Stages: Seed, Series A, Pre-Seed - Focus: Software, Media and Entertainment, Artificial Intelligence Remagine Ventures is an early stage venture capital investing at the intersection of tech, entertainment, data and commerce. ## Genesis Partners - Type: VC Fund - Location: Herzliya, Tel Aviv, Israel - Relevant deals: 5 - Stages: Series B, Series A, Series C - Focus: Software, Enterprise Software, Mobile Genesis Partners is a leading early stage Israeli venture capital firm that manages over $600 Million across four funds, and focuses on seed and early stage investments in the ICT sectors. ## Entrée Capital - Type: VC Fund - Location: London, England, United Kingdom - Relevant deals: 5 - Stages: Seed, Series A, Series B - Focus: Software, FinTech, Financial Services We're a team of former serial founders managing over $1.25B across a number of funds, with offices in Tel Aviv, London, and New York. ## Algebra Ventures - Type: VC Fund - Location: Cairo, Al Qahirah, Egypt - Relevant deals: 5 - Stages: Series A, Seed - Focus: E-Commerce, Internet, Marketplace Algebra Ventures invests in technology startups that leverage innovation to transform large markets. They seek high-growth companies, led by passionate and capable teams, that have a unique value proposition, and that can generate significant economic returns.Algebra Ventures looks for entrepreneurial teams that possess vision and insight as wellas the execution skills needed to build scalable companies. Algebra Ventures focuses on Series A and Series B rounds in Egypt although they do not exclude investments in earlier-stage startups or in other parts of the MENA region. They prefer to meet startups early on and get to know the team as the opportunity is shaping up. ## OurCrowd - Type: VC Fund - Location: Jerusalem, Yerushalayim, Israel - Relevant deals: 4 - Stages: Series B, Series A, Seed - Focus: Software, Artificial Intelligence, Machine Learning Access exclusive venture capital angel investment deals in pre-vetted startup companies. Create your free OurCrowd investor account today! ## Maxfield Capital - Type: VC Fund - Location: New York, New York, United States - Relevant deals: 4 - Stages: Seed, Series A - Focus: Software, Mobile, SaaS Venture fund investing in global information technology companies. ## Aslanoba Capital - Type: VC Fund - Location: Istanbul, Istanbul, Turkey - Relevant deals: 4 - Stages: Seed, Series A, Series B - Focus: E-Commerce, Internet, Software Aslanoba Capital is an early stage investor in tech startups in Turkey and the US. The company invests in startups pursuing disruptive ideas in areas such as marketplaces, e-commerce, mobile, classifieds, content, and SaaS with a consideration of investment between $0.25 million and $2 million.Aslanoba was founded in 2013 and is based inIstanbul, Turkey. ## Silicon Badia - Type: VC Fund - Location: New York, New York, United States - Relevant deals: 4 - Stages: Seed, Series A - Focus: Software, Information Technology, SaaS Silicon Badia is a venture capital firm providing networks and support to leading technology entrepreneurs around the world. ## Legziel Family - Type: VC Fund - Location: Herzliya, Tel Aviv, Israel - Relevant deals: 4 - Stages: Pre-Seed, Seed - Focus: Software, Artificial Intelligence, SaaS Legziel Famliy ## Aleph - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 4 - Stages: Seed, Series A, Series B - Focus: Software, SaaS, Artificial Intelligence Early-stage VC fund managing $850M+ and partnering with Israeli entrepreneurs to build impactful global brands, like Lemonade and Melio. ## Boğaziçi Ventures - Type: VC Fund - Location: Istanbul, Istanbul, Turkey - Relevant deals: 4 - Stages: Seed, Pre-Seed - Focus: Software, Gaming, Information Technology Boğaziçi Ventures has been established in 2015 with the purpose of supporting entrepreneurship to take their global success to a next level. We aim to invest in technology start-ups which have talented teams by providing business models and looking for funds and mentoring support for future exponential growth.BV Growth fund will only focus on thetechnology startups established in Turkey at the growth stage while having the ambition to get into the global market.BV Crypto fund will be closed with a minimum fund size of $50M to invest in cryptocurrency and blockchain projects. People are interested in investing in cryptocurrency, especially new initial coin offerings (ICO), but they don’t know which one is reliable. We have an extremely capable team dedicated to cryptocurrency. Our analysts search hundreds of ICO projects, follow their communication, investigate the commitment of their teams, make interviews and if they have a chance, even visit them at their locations to give a much better decision. ## BRM Capital - Type: VC Fund - Location: Herzliya, Tel Aviv, Israel - Relevant deals: 4 - Stages: Series B, Series A - Focus: Software, Information Technology, Internet BRM Capital is a dynamic venture capital fund investing in early stage, Israel-related software, internet infrastructure, and communication companies. Their investment focus is on the Internet, mobile and mobile applications, digital media, online services, enterprise software, and medical device sectors and they also offer flexible, streamlinedinvestment decision making.BRM headquartered in Tel Aviv, Israel enjoys a worldwide network of industry, strategic and financial experts. ## HALA Ventures - Type: VC Fund - Location: Khobar, Ash Sharqiyah, Saudi Arabia - Relevant deals: 4 - Stages: Seed, Series A, Pre-Seed - Focus: FinTech, Software, Financial Services Technology VC that empowers GCC’s startups in their early-growth stages. ## NFX - Type: VC Fund - Location: San Francisco, California, United States - Relevant deals: 4 - Stages: Seed, Series A, Pre-Seed - Focus: Software, Information Technology, Marketplace We are a VC firm investing in pre-seed and seed stage startups. We back exceptional Founders building market-transforming companies. ## Falak Startups - Type: VC Fund - Location: Cairo, Al Qahirah, Egypt - Relevant deals: 4 - Stages: Pre-Seed, Seed - Focus: E-Commerce, Health Care, Mobile Apps Falak Startups is a start-up accelerator designed to support and empower the next generation of Egyptian entrepreneurs and contribute to the development of the start-up ecosystem in Egypt. ## Animoca Brands - Type: VC Fund - Location: Cyberport, Hong Kong Island, Hong Kong - Relevant deals: 3 - Stages: Seed, Series A - Focus: Blockchain, Gaming, Cryptocurrency Animoca Brands is a metaverse and gaming venture capital firm that focuses on driving digital property rights to gamers and internet users through NFTs. It utilizes gamification and blockchain to develop and market a portfolio of mobile applications, games, and additional products oriented to educational learning to ensure transparency, security,and new business models. ## Visionary Private Equity Group - Type: VC Fund - Location: Saint Charles, Missouri, United States - Relevant deals: 3 - Stages: Seed, Series A, Series B - Focus: Finance, Consumer, Internet Visionary Private Equity Group (VPEG) invests in early stage, high growth companies that have strong management teams and significant upside potential. Investments are typically structured to provide a substantial yield and ensure downside protection while preserving potential for dramatic growth. The VPEG team consists of professionals with aunique blend of private equity, investment banking, legal, medical, oil & gas, internet technology and operating experience and plays an active role ensuring our portfolio companies have a sound operating and capital strategy. A critical attribute of our portfolio companies is a management team that is receptive and responsive to VPEG involvement and influence. VPEG not only keeps a tight tab on the progress of the business but can also add significant value by providing management expertise and important connections needed to grow the company. We play an active role in ensuring clients have both a sound capital and operating strategy. Through our review processes, we work with the management team to not only be informed of the progress of their business plans and developments, but to also assist in the on-going revisions of those plans. Our team often becomes a key extension of the management of those companies in which we invest. Our investment opportunities are generated through our extensive networks that include contacts with numerous Angel Groups and traditional Venture Capitalists. ## Earlybird Venture Capital - Type: VC Fund - Location: Berlin, Berlin, Germany - Relevant deals: 3 - Stages: Series A, Seed, Series B - Focus: Software, Information Technology, Health Care Founded in 1997, Earlybird invests in all development and growth phases of technology companies. Among the most experienced venture investors in Europe, Earlybird offers its portfolio companies not only financial resources but also strategic support plus access to an international network and capital markets. With EUR 2 billion under management,eight IPOs and 30 trade sales, Earlybird is one of the most established and active venture capital firms in Europe. ## Rutledge Vine Capital - Type: VC Fund - Location: Singapore, Central Region, Singapore - Relevant deals: 3 - Stages: Seed, Series A - Focus: Video, Events, Software Rutledge Vine Capital is a venture capital firm focused on startup and seed technology companies. ## Vertex Ventures Israel - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 3 - Stages: Series A, Series B, Series C - Focus: Software, Information Technology, Artificial Intelligence We partner early with global-minded entrepreneurs seeking to disrupt large markets ## Chalhoub Group - Type: VC Fund - Location: Dubai, Dubai, United Arab Emirates - Relevant deals: 3 - Stages: Series A - Focus: Apps, Software, E-Commerce Discover the world of Chalhoub Group, the leader in luxury retail and innovative solutions. Explore our collection of luxury brands, services and initiatives shaping the industry today ## Emerge Ventures - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 3 - Stages: Series A, Seed, Series B - Focus: Software, Information Technology, Artificial Intelligence Emerge is an early stage, Tel-Aviv based Venture Capital firm, partnering with exceptional tech-innovators and helping them do whatever it takes to win. ## LETA Capital - Type: VC Fund - Location: Moscow, Moscow City, Russian Federation - Relevant deals: 3 - Stages: Seed, Series A, Series B - Focus: Software, Artificial Intelligence, Machine Learning Our goal as an investment firm is to deliver high returns to our investors by financing improvements in the world through IT and new technologies. ## Galaxy Interactive - Type: VC Fund - Location: New York, New York, United States - Relevant deals: 3 - Stages: Seed, Series A, Series B - Focus: Gaming, Blockchain, Software Play the Future. Galaxy Interactive is a leading sector-focused VC investing in interactive entertainment, at the intersection of content, social, finance and technology. ## Teknasyon - Type: VC Fund - Location: Maslak, Istanbul, Turkey - Relevant deals: 3 - Stages: Seed, Series A - Focus: Apps, Mobile, Fitness Turkey's leading mobile application developer and one of the fastest-growing IT company according to Deloitte Fast 50, Teknasyon, has achieved great success by reaching out to 1.5 billion people in 55 different languages and ​172 countries with dozens of mobile applications since their establishment in 2013.Besides developing hyper-growthmobile apps, Teknasyon is also an infrastructure and content provider. In addition to building successful products, the company provides additional support with B2C and B2B tools on the way to an early-stage startup’s global growth as an investor.Teknasyon is not a regular investor, which also opens the kitchen to all these startups to reach millions of new users worldwide. That means supporting startups with the tools developed on their own technologies such as advanced reporting & insights, commercial positioning/design, full integration with internal marketing tools, and 360-degree marketing production & management.Developing their vision with Facebook, Google, and leading telco operators’ collaboration from day one and creating a value-added ecosystem with the startups let Teknasyon enhance their services. In entertainment, wellness, photo/video, productivity, shopping, sports, and mobile gaming, portfolio companies always pursue global growth. ## Sarona Ventures - Type: VC Fund - Location: Tel Aviv, Tel Aviv, Israel - Relevant deals: 3 - Stages: Seed, Pre-Seed, Series A - Focus: Software, Information Technology, SaaS Sarona Ventures is a venture capital firm based in Tel Aviv, Israel. The firm is a "people-first" investor, seeking founding teams with strong execution capabilities. The firm's investment scope focuses on enterprise software, and most of their deals concentrate on building the future of business with AI, helping companies operatemore efficiently, save money, and drive revenue. ## SeedIL Ventures - Type: VC Fund - Location: Herzliya, Tel Aviv, Israel - Relevant deals: 3 - Stages: Seed, Series A, Pre-Seed - Focus: Artificial Intelligence, Software, Big Data SeedIL Ventures is a seed stage investment fund focusing on Israeli related companies in any sector except medtech/biotech and heavy Hardware. After investment, SeedIL is committed to ensuring that portfolio companies reach their full potential by providing on-going coaching and connections through its extensive network, including the Limitedpartner's connections and intelligence. ## Hyundai Motor Company - Type: VC Fund - Location: Seoul, Seoul-t'ukpyolsi, South Korea - Relevant deals: 3 - Stages: Seed, Series A, Series B - Focus: Automotive, Software, Information Technology The Hyundai Motor Company is a South Korean multinational automotive manufacturer. It has various vehicle lineups, brand vision, and global campaigns like clean mobility, sustainability, art, and sports partnership.The company was founded in 1967 and, along with its 32.8% owned subsidiary, Kia Motors, together comprise the Hyundai Motor Group,which is the world's fifth-largest automaker based on annual vehicle sales in 2012. In 2008, Hyundai Motor (without Kia) was ranked as the eighth largest automaker. As of 2012, the company sold over 4.4 million vehicles worldwide in that year, and together with Kia total sales were 7.12 million.