Mubadala Capital, the Abu Dhabi-based investment company, has launched two funds worth $250 million to focus specifically on startups in the region.
The first of these funds is a $150 million fund of funds that will invest in funds supporting Abu Dhabi’s Hub71 ‘ecosystem’ of startups and investors. The other vehicle is a $100 million fund that will make direct investments in startups.
“The MENA funds will drive the economic development of Abu Dhabi by stimulating tech investment activity,” said Ibrahim Ajami, head of ventures at Mubadala Capital.
“There’s a huge amount of untapped potential in the UAE and the wider region and we are on the right path to foster more home-grown innovations, attract exceptional talent and accelerate the evolution of a flourishing tech industry in the Emirate,” said Ajami.
The funds were officially launched at the Abu Dhabi FinTech festival. Mubadala also announced that the funds’ first activity was investing in Dubai-based software startup Bayzat which raised $16 million in series B fundraising this month.
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