Lifeline to rising startups; ADIO invests in Bedaya to grow capital access

The UAE government’s hub for supporting private sector investment, Abu Dhabi Investment Office (ADIO) has infused $5 million in the Bedaya Fund to boost access to capital for promising startups in Abu Dhabi.

The $40 million Bedaya Fund, managed by Abu Dhabi-based venture capital firm Shorooq Partners, focuses on early-stage tech companies in the Mena region. The Fund is a succession of Shorooq Partners’ strategy of funding in Seed stage companies, and overseeing them as they graduate to pre-series A, Series A and beyond.

The fund will concentrate on verticals within the technology space including financial technology (FinTech), tech-enabled business services, platforms and software. Shorooq Partners will work closely with these entrepreneurs to develop their businesses in the region and beyond.

“The Bedaya Fund has been established to strengthen the region’s venture capital landscape and take great startups to the next stage. There is no shortage of talent here, and given the right access to capital, networks and mentorship, they can achieve great success on the global stage.”

Mr. Adi continued, “We are proud to be the only Emirati-founded venture capital fund in Abu Dhabi, and we will continue to work closely with key stakeholders across the emirate’s innovation ecosystem. Having ADIO on board will further accelerate momentum on our journey towards building a thriving center of technological innovation.”

ADIO is financing through its $145.6 million Ventures Fund. The fund was launched in May 2019 as an initiative of Ghadan 21, Abu Dhabi’s accelerator program.

The fund is improving access to capital for startups in Abu Dhabi, ensuring that the emirate continues to be a welcoming home for innovation and a place where entrepreneurs can achieve their commercial and creative vision.

“Abu Dhabi is an ideal testbed for innovation and a place where entrepreneurs can confidently take commercial and creative risks. We are ensuring that locally based startups have access to capital and support from experts like Shooroq Partners to future-proof their development. Ultimately, their growth is our growth, and their success will continue to expand Abu Dhabi’s fast-growing innovation ecosystem.”

Shorooq Partners works from Hub71, Abu Dhabi’s international technology hub and another major Ghadan 21 initiative, ensuring it stays informed of developments in the emirate and across the region.