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The fund will be used to invest in early-stage tech startups based in Abu Dhabi.
Abu Dhabi Investment Office (ADIO) has invested $5 million in the Abu Dhabi-based venture capital Shorooq Partners’ Bedaya Fund. The fund was founded in 2019 and has been an active catalyst in the ecosystem by investing in early-stage tech startups across the MENA region.
Both platforms announced the partnership in a joint statement. Despite ADIO’s investments historically being regional, this investment fund will be focused on Abu Dhabi-based startups, namely fintech and tech-enabled startups offering digital solutions. Shorooq Partners will be closely working with the founders to help them gain quick traction in the ecosystem.
“The Bedaya Fund has been established to strengthen the region’s venture capital landscape and take great startups to the next stage. 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,” says Mahmoud Adi, Founding Partner of Shorooq Partners. “Having ADIO on board will further accelerate momentum on our journey towards building a thriving centre of technological innovation.”
Commenting on the investment, Dr. Dr. Tariq Bin Hendi, Director General of ADIO, explains: “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 Shooroq 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.”
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