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ADIO expands to aid later-stage innovators.

Summary: The Abu Dhabi Investment Office (ADIO) has expanded the scope of its Ventures Fund to increase support for the growth and expansion of innov...

(KT file)

The Abu Dhabi Investment Office (ADIO) has expanded the scope of its Ventures Fund to increase support for the growth and expansion of innovation-focused companies in the emirate.

The Ventures Fund will now participate in Series B and beyond financing rounds, invest in established regional and global funds and collaborate with global accelerators. The Ventures Fund, established in 2019, is an initiative of the Abu Dhabi Government's Ghadan 21 accelerator programme designed to support the emirate's startup and venture capital ecosystem. The Dh535 million fund works to increase access to capital for startups and to date has deployed capital through matching programmes for new fund managers and early-stage startups.

To support later-stage companies that are in expansion mode and ready to scale, ADIO has expanded the parameters of the fund to include investment in later-stage companies. ADIO will also assess opportunities to act as the lead investor.

Dr. Tariq bin Hendi, director general of ADIO, said: "The Ventures Fund is actively supporting Abu Dhabi's innovation ecosystem and attracting high skilled talent to Abu Dhabi. Initially, we saw a gap in the funding for early-stage startups, and I am pleased that our matching programmes are already helping to close this gap."

ADIO recently announced investment through its Ventures Fund in innovation-focused companies Securrency, TruKKer, Sarwa, YACOB, and Okadoc, and venture capital firm, UAE-based Global Ventures.

"We now see an opportunity to not only help startups get off the ground but also to continue to expand and scale," added Hendi.

- business@khaleejtimes.com

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Author:Staff Report
Publication:Khaleej Times (Dubai, United Arab Emirates)
Geographic Code:7UNIT
Date:Feb 7, 2020
Words:293
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