Mubadala, Abu Dhabi’s state investment arm, has announced the launch of its first MENA-focused tech investment funds – a US$150m fund of funds and US$100m direct fund to capitalize on the growing startup scene in the region.
This statement was made by Ibrahim Ajami, head of Ventures at Mubadala Capital at a fintech event on Monday.
The latest investments include a $150 million fund that will invest in other technology funds and $100 million targeted directly at early-stage companies, Ibrahim Ajami, head of Ventures at Mubadala Capital said.
Under its $150 million fund, Mubadala Capital will also invest in three funds including San Francisco-based Data Collective Venture Capital, Middle East Ventures Partners and Global Ventures.
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The $100 million fund will focus on early stage tech companies that will be part of the Hub71 development. The fund aims to invest in a portfolio of 15 firms. The direct fund has already made its first investment in Bayzat, a Dubai-based startup that provides HR and insurance solutions to SMEs and startups in the region.
Launched in March 2019, Hub71 is a new technology hub designed to spur innovation and development in the Middle East. Based in Abu Dhabi, Hub71’s mission is to help start-ups and entrepreneurs develop, scale and build transformational businesses.
