Azimut Limited ADGM, in partnership with Gellify Middle East, has announced plans to launch a MENA-focused venture capital fund aiming to raise $50 million.
The new VC Fund will focus on B2B start-ups in the Middle East and North Africa and will target seed-stage start-ups, market phase start-ups and those ready to scale up.
These start-ups will have the potential to create disruptive innovation in the areas of smart city, healthcare, digital commerce, fintech, Industry 4.0 and tourism with the use of technologies like AI, IoT, blockchain and cyber security, a statement said.
“We aim to replicate our experience in Europe where we have made successful exits and, in the process, enhance the innovation capacity of the region. We believe that our unique ability to connect vetted innovative technology start-ups and corporates is aligned to the Middle East’s goal of becoming a digital innovation engine of the MENA region and will create a robust and thriving innovation ecosystem,” said Massimo Cannizzo, CEO and co-founder, Gellify Middle East.
In 2019, Azimut and Gellify raised EUR65m for the Digitech Fund – a VC strategy predominantly focusing on European start-ups.
In June, the Azimut Gellify Digitech Fund also invested in Workfam, a UAE-based employee SaaS platform company to help it scale up.
“The Middle East governments are committed to innovation and have successfully taken steps to make their economies more digital. Together with Gellify’s unique offerings, we therefore see a great potential for both high returns for investors and creating innovation opportunities in the GCC,” said Maroun Jalkh, CEO of Azimut (ME) Limited.
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