Abu Dhabi’s Mubadala Capital unveiled a new $250m tech investment fund to capitalise on the startup sector in the region.
The investment programme includes a $100m fund for direct investment in technology startups led by founders that are committed to the Hub71 ecosystem.
The additional $150m “fund of funds” programme will invest in funds that support the Abu Dhabi based Hub71 ecosystem.
Hub71 is a mega hub launched by the Abu Dhabi government for startups, innovators and enablers in the technology industry.
Read more: Getting to the heart of Abu Dhabi’s Hub71
“The MENA (Middle East and North Africa region) funds will drive the economic development of Abu Dhabi by stimulating tech investment activity,” said Ibrahim Ajami, head of Ventures at Mubadala Capital.
“There’s a huge amount of untapped potential in the UAE and the wider region and we are on the right path to foster more home-grown innovations.”
Dubai-based Bayzat secured the first investment from the direct fund. It was one of the first companies to set up operations in Hub71. Bayzat assists businesses automate HR administration, payroll processing and health insurance through its free cloud based platform.