Abu Dhabi Investment Office Invests US$5 Million In Shorooq Partners' Bedaya Fund To Support Early-Stage Startups In Abu Dhabi
ADIO's investment to be channelled to fintech, tech-enabled business services, platforms and software startups in Abu Dhabi.
The Abu Dhabi Investment Office (ADIO) has invested US$5 million (AED18.4 million) in the Bedaya Fund, operated by Abu Dhabi-based venture capital firm Shorooq Partners, to support early stage tech companies located in the UAE capital.
The $40 million Bedaya Fund, which focuses on verticals like fintech, tech-enabled business services, platforms, and software, targets early-stage tech companies in the MENA region and guides them as they graduate to pre-series A, Series A, and beyond in their fundraising efforts. While the Bedaya Fund has a wider regional mandate and focuses on investments across the Middle East, ADIO’s investment will accelerate the Bedaya Fund’s support to Abu Dhabi-based companies.
“The Bedaya Fund has been established to strengthen the region’s venture capital landscape and take great startups to the next stage," said Mahmoud Adi, Founding Partner of Shorooq Partners, in a statement. "There is no shortage of talent here, and given the right access to capital, networks and mentorship, they can achieve great success on the global stage. We are proud to be the only Emirati-founded venture capital fund in Abu Dhabi, and we will continue to work closely with key stakeholders across the emirate’s innovation ecosystem. Having ADIO on board will further accelerate momentum on our journey towards building a thriving centre of technological innovation.”
ADIO invests through its AED535 million Ventures Fund, which was launched in May 2019 as an initiative of Ghadan 21, Abu Dhabi’s accelerator program. In a statement, H.E. Dr. Tariq Bin Hendi, Director General of ADIO, said, “Abu Dhabi is an ideal testbed for innovation and a place where entrepreneurs can confidently take commercial and creative risks. We are ensuring that locally based startups have access to capital and support from experts like Shorooq Partners to future-proof their development. Ultimately, their growth is our growth, and their success will continue to expand Abu Dhabi’s fast-growing innovation ecosystem.”