Abu Dhabi firms plan Mena startups VC fund

Venture capitalAzimut ME, the Mena-based business of the Italian asset manager, has partnered with technology advisory firm Gellify Middle East to establish a $50 million venture capital (VC) fund targetting B2B startups in the region. Azimut and Gellify have partnered before on a similar venture. The Azimut Gellify Digitech Fund was launched in 2019 and raised $65 million to invest in European tech startups. In June 2021, the fund made its first investment in the Mena market, taking a stake in Workfam, a UAE-based employee SaaS platform company. “The Middle East governments are committed to innovation and have successfully taken steps to make their economies more digital,” said Maroun Jalkh, Chief Executive Officer of Azimut ME. “Together with Gellify’s unique offerings, we therefore see a great potential for both high returns for investors and creating innovation opportunities in the GCC.” ©2021 funds global mena

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