ⓘ Featured image: A file-photo of Dr. Tariq Bin Hendi; Credits: The National
The Abu Dhabi Investment Office (ADIO) today announced that it has invested in Shorooq Partners’ Bedaya Fund in a move to create funding opportunities for Abu Dhabi-based startups.
The $40 million (AED147 million) Bedaya Fund targets early-stage tech startups in the Middle East and North Africa – MENA region, particularly working across sectors including fintech, tech-enabled business services, platforms and software. And Shorooq Partners will work closely with these startups to expand their businesses in the region and beyond.
In a joint statement, Adio and Shorooq said,
“The Bedaya Fund is a continuation of Shorooq Partners’ strategy of investing in Seed stage companies, and guiding them as they graduate to pre-series A, Series A and beyond. While the Bedaya Fund has a wider regional mandate and focuses on investments across the Middle East, ADIO’s US$5 million (AED18.4 million) investment will accelerate the Bedaya Fund’s support to Abu Dhabi-based companies.”
Mahmoud Adi, Founding Partner of Shorooq Partners, said,
“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. 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 has invested in Bedaya Fund through its AED535 million Ventures Fund which was launched in May 2019 as an initiative of Ghadan 21, Abu Dhabi’s accelerator programme that aims to drive the emirate’s development through investing in businesses, innovation and people.
Commenting on the development, 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.”