ADQ launches $300m venture fund

Abu Dhabi-based holding company, ADQ, is to launch a venture fund designed to help early stage start-ups in India and southeast Asia set up in the UAE. The Alpha Wave Incubation Fund will be based at the Abu Dhabi Global Market and will be backed with $300 million of capital. The fund will be managed by New York-based alternative investment manager, Falcon Edge Capital. Mayank Singhal, head of Venture Capital and Technology at ADQ said the new venture fund would aim to produce long-term financial results while attracting some of the brightest start-ups to the emirate. “We will aim to support them in ways that accelerate their development to create a new wave of winners in the tech landscape,” he said, adding that the startups would also benefit from access to ADQ’s “leading companies in sectors such as healthcare, food and agri-business, utilities and fintech”. © 2020 funds global mena

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