Mubadala Capital Reveals MENA Tech Funds
Posted on 10/21/2019
Mubadala Capital, a unit of Abu Dhabi-based Mubadala Investment Company, has a number of internally-managed venture vehicles. Mubadala Capital launched its inaugural MENA-based tech investment funds. These funds will encompass as US$ 150 million fund-of-funds and a US$ 100 direct fund to invest in an expanding startup scene in the United Arab Emirates and surrounding countries. Mubadala Capital’s first investment for the fund is in Dubai-based Bayzat, a startup in the human resources industry. Bayzat has its operations in Hub71, a startup accelerator platform.
“The MENA funds will drive the economic development of Abu Dhabi by stimulating tech investment activity,” Head of Ventures at Mubadala Capital Ibrahim Ajami said in a statement.