News

ADIO launches $145m start-up VC fund

Start-upThe Abu Dhabi Investment Office (ADIO) is set to launch a venture capital fund designed to boost financing for local start-ups and to help new fund managers looking to establish themselves in the UAE’s capital. The $145.7 million Ghadan Ventures Fund will be set up as part of the Abu Dhabi government’s $13.6 billion stimulus package that was announced last September. There are two programmes associated with the project aimed at luring fund managers to Abu Dhabi – the Startup Matching Fund and the New Managers Fund. The ADIO will match any start-up’s lead venture capital investment up to $2.72 million for stage one financing and $13.61 million per round for subsequent fundraising cycles. “The objective of the Ghadan Ventures Fund is two-fold, we are helping new VCs establish in Abu Dhabi to ensure local start-ups have access to more investors whilst also driving the establishment and growth of start-ups in Abu Dhabi by increasing the amount of investment capital available in the market,” said Elham Abdul Gafoor Mohammad Al Qasim, chief executive of ADIO. ©2019 funds global mena

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