Raiven Capital has launched a new venture capital fund with a target size of $125 million in Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region.
The fund will focus on founders developing tech in Artificial Intelligence (AI), Internet of Things (IoT) and Distributed Ledger Tech, with a particular emphasis on digital platforms disrupting value chains in FinTech, cybersecurity and sustainability-focused sectors.
Investing in innovation in early and growth-stage tech companies in the GCC, South Asia, and North East Africa and enabling them to blossom into leaders by connecting them to markets and capital pools in Europe and North America, via Raiven’s new Dubai hub, is what we are most excited about, noted General Partner, Raiven Capital, Mr. Paul Dugsin.
Mr. Dugsin explained that “The fund will serve the needs of the local startup ecosystem, enabling them to become regional and global competitors, while at the same time, Raiven’s existing community of startups and investors will now have access to all advantages of the Middle East and the broader region that arcs between East Africa to India for their own ventures.”
“We welcome Raiven Capital to DIFC. Raiven’s focus on nurturing early and growth-stage AI, IoT and distributed ledger tech startups through the launch of this new venture capital fund shows strong confidence in Dubai’s economy, talent-base and future-forward entrepreneurial ecosystem. The firm’s presence in DIFC will not only benefit the local startup community in taking the future of tech to new heights, but also provide Raiven’s global network of founders and partners with access to a wealth of resources in the MEASA region and beyond.”
General Partner, Raiven Capital, Mr. Supreet Manchanda stated that “We are thrilled to be in a place growing exponentially. Founders are eager to contribute to global innovation. The government’s robust support for entrepreneurship is impressive, and unlike any other place at this time. We look forward to meeting the best and brightest in Dubai and DIFC in particular. There are great things ahead.”
The Toronto-based fund is creating bridges between its home country and Dubai, an exciting development. “We are thrilled that Raiven Capital, a Canadian venture capital fund, is the first-of-its-kind to obtain a license to operate its second fund in DIFC in Dubai. Raiven has ambitious plans for the region connecting Canada, the UAE and other high growth tech ecosystems. We look forward to working with them,” said Ms. Tracy Reynolds, Canada’s Consul General in Dubai.