Dubai PR Network, Online Press Release from Dubai and Middle East
Business, Banking and Investments(Banking & Investments)
Filter PR by
ADIO Invests in Shorooq Partners' Bedaya Fund to Increase Access to Funding for Startups in Abu Dhabi
• ADIO invests USD5 million (AED18.4 million) through its Ventures Fund, an initiative of Ghadan 21, Abu Dhabi’s accelerator programme, to support the growth of early-stage companies in the emirate 
• Bedaya Fund supports the expansion of Abu Dhabi’s innovation ecosystem by deepening the pool of capital and support available for tech startups 
Abu Dhabi, UAE - 17 June 2020: The Abu Dhabi Investment Office (ADIO) has invested in the Bedaya Fund to increase access to capital for promising startups in Abu Dhabi. The USD40 million (AED147 million) Bedaya Fund, operated by Abu Dhabi-based venture capital firm Shorooq Partners, targets early-stage tech companies in the Middle East and North Africa region.
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 USD5 million (AED18.4 million) investment will accelerate the Bedaya Fund’s support to Abu Dhabi-based companies.
The fund will focus on verticals within the technology space including financial technology (FinTech), tech-enabled business services, platforms and software. Shorooq Partners will work closely with these founders to expand their businesses in the region and beyond.
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, the government hub supporting private sector investment in the emirate, is investing through its AED535 million Ventures Fund. The fund was launched in May 2019 as an initiative of Ghadan 21, Abu Dhabi’s accelerator programme, which is driving the emirate’s development through investing in business, innovation and people. The fund is improving access to capital for startups in Abu Dhabi, ensuring the emirate is a welcoming home for innovation and a place where entrepreneurs can realise their commercial and creative vision.
H.E. 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 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.”
Shorooq Partners operates from Hub71, Abu Dhabi’s international technology hub and another major Ghadan 21 initiative, ensuring it stays apprised of developments in the emirate and across the region. 

Posted by : Dubai PR Network Editorial Team
Viewed 6265 times
PR Category : Banking & Investments
Posted on : Wednesday, June 17, 2020  1:03:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Ericsson Mobile Money: Enabler of Financial Inclusion and De...
Next Story : Dawex Awarded as Technology Pioneer by World Economic Forum
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation to Revive... [6326-Views]
HONOR 2020 H1 Business Achievements in International Markets [4022-Views]
Here's Why A Silicone Cleansing Brush Champions Other Cleansing Tools and Techniques [3682-Views]
Get Your No-MakeUp MakeUp Look With Hourglass [3563-Views]
Samsung Launches Galaxy Watch3 and Galaxy Buds Live [3325-Views]
Panasonic Jaguar Racing Head to Berlin for a Lockdown Showdown [3264-Views]
Save up to AED 25,000 on Pre-Owned Lexus Cars with Al-Futtaim Auto Fest [3120-Views]
Safe Start-up of Unit 1 of Barakah Nuclear Energy Plant Successfully Achieved [3026-Views]
Parmigiani Fleurier Tonda 1950 Tourbillon [2993-Views]
Sony Middle East & Africa Announces ‘Ready for PlayStation®5' for current BRAVIA™ TVs [2595-Views]
Introducing the New Omega Constellation Gents' Collection' [2403-Views]
Lacoste Launches the Roland - Garros Eyewear Collection [2390-Views]
UAE Team Emirates Back to Winning Ways [2345-Views]
Pre-Orders for Samsung's Galaxy Note20 and Galaxy Note20 Ultra Now Open in the UAE [2288-Views]
Up to €500,000 to Support the Most Promising Innovators: The Agrofood BIC Accelerator Issu... [2202-Views]
Jafza Sets a New Benchmark With ‘collaboration for Safe and Sustainable Growth' Webinar' [2173-Views]
The Last Few Weeks of Dubai Shopping Mall Group's Summer Promotion [2050-Views]
The Best Just Got Better – Sony Middle East & Africa Announces WH-1000XM4 Industry-Leading... [2034-Views]
Kia Motors Collects Over 2,000 Pairs of Football Boots via UEFA Europa League Trophy Tour ... [2021-Views]
Cebu Pacific Advisory: Suspension of Domestic Passenger Flights to/from Manila – Aug 4 to ... [2005-Views]
Dubai Sports Council and Ski Dubai to Host One of the World's First Snow Sports Competitio... [1972-Views]
Malabar Gold & Diamonds Opens 2 New Showrooms as Part of Its Global Expansion Plan [1870-Views]
New Month, New Goals [1857-Views]
Face Shields Now Required for Cebu Pacific Passengers [1820-Views]
Post-COVID Travel is Set to Become Smarter. Here's How. [1812-Views]
RSS Facebook Twitter LinkedDin
Top Sections
Top Stories