The Abu Dhabi Investment Office (ADIO) announced today that it has launched the Dh535 million Ghadan Ventures Fund to support Abu Dhabi’s venture capital (VC) and startup ecosystem.
Managed by ADIO, the newly established fund is part of the government’s Ghadan 21 programme that aims to diversify Abu Dhabi’s economy and build an entrepreneurial culture in the emirate.
The Ghadan Ventures Fund has two key programmes: the ‘Startup Matching Fund’ and the ‘New Managers Fund’.
The Startup Matching Fund plans to increase the amount of capital available for seed and early stage companies by matching a startup’s lead VC investment of up to Dh10 million for seed rounds, and Dh50 million for Series A per round.
Under the New Managers Fund, newly formed Abu Dhabi-based VCs can apply for fund matching, based on the amount they raise in the private market.
“Entrepreneurialism will be a key driver of Abu Dhabi’s economy and we are working to further enable local entrepreneurial talent, attract global entrepreneurs and build a thriving integrated start-up ecosystem,” said Elham AlQasim, chief executive officer at ADIO and executive director of the Ghadan 21 programme.
The fund was recently announced in conjunction with the launch of Abu Dhabi’s Hub71.
“We’re excited to see the launch of ADIO’s co-investment fund as there are great startups to be found right here in Abu Dhabi. There’s never been a better time in this region for both startup and investor, made evident with the 31 per cent increase in total funding and a 13 per cent increase in the number of deals made in 2018, compared with the year before,” said Mahmoud Adi, head of Hub71.