Abu Dhabi – Mubasher: The Abu Dhabi Investment Office (ADIO) announced the investment of AED 60 million in the latest innovation-focused startups and fund managers applying to its Ventures Fund, an initiative aiming at boosting the growth of Abu Dhabi’s startup and venture capital ecosystem.
The innovation-focused startups receiving the investment include Securrency, TruKKer, Sarwa, YACOB, and Okadoc, which are either headquartered in Abu Dhabi or expanding their business in the emirate, according to a press release on Wednesday.
Meanwhile, the ADIO signed its first investment agreement with Dubai-based Global Ventures, a venture capital firm focusing on enterprise technology investments.
The director general of ADIO, Tariq bin Hendi, said: “The Ventures Fund was created to deepen Abu Dhabi’s innovation ecosystem and ensure big thinking is not constrained by limited capital. Once a startup is operational, Abu Dhabi is safe ground for innovation and a place where entrepreneurs can confidently take commercial and creative risks.”
Meanwhile, the general partner of Global Ventures, Noor Sweid, remarked: "We are incredibly pleased to be working with ADIO on investing in the region's technology companies and enabling them to scale and grow into success stories.”
