An Abu Dhabi based investment company Mubadala Capital announced the launch of its first MENA-focused tech investment funds. The main objective behind the launch was to support start-ups from the GCC as well as the entire Middle East region while empowering tech talent in the UAE and across the wider region. The funds included US$150 million (AED 550 million) “fund of funds” program, which was supposed to be invested in funds that are reserved for supporting Hub71, an Abu Dhabi-based ecosystem, for regional expansion and growth. Moreover, Mubadala Capital also announced to commit to 3 funds as a part of its first fund’s cohort – Global Ventures, San Francisco-based Data Collective Venture Capital (DCVC), and Middle East Ventures Partners (MEVP)
Earlier, the first such investment has gone into Bayzat, a UAE-based company that provides health insurance and HR software to small and medium-sized enterprises through a cloud-based platform. Head of Ventures at Mubadala Capital said that “After a decade of investing in tech companies across the globe, the time has come to leverage the experience and expertise we have gained for the benefit of our home market”. Overall, the platform believes that it is on the right path to attracting exceptional talent, promote more home-grown innovations, and accelerate the evolution of a flourishing tech industry in the Emirate.