UAE – Mubasher: The Abu Dhabi Investment Office (ADIO) has invested $5 million (AED 18.4 million) in the $40-million Bedaya Fund, to support more startups in the emirate.
Bedaya Fund is helping startups across the Middle East region in the seed funding stage, and it is operated by the Abu Duabi-based Shorooq Partners.
“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,” Tariq Bin Hendi, Director General of ADIO, said.
ADIO is an Emirati government hub that supports private sector investment in Abu Dhabi by investing AED 535 million in ventures fund, which was was launched in May 2019 as an initiative of Ghadan 21, Abu Dhabi’s accelerator programme.
It is worth noting that Shorooq Partners operates from Hub71, Abu Dhabi’s international technology hub and another major Ghadan 21 initiative.
Commenting on the new investment by ADIO, Mahmoud Adi, Founding Partner of Shorooq Partners, said: “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."
