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Azimut and Gellify launch a $50m VC fund to support MENA startups

The new fund will focus on enhancing advanced technology-based innovation in the region, identifying and nurturing B2B tech startups

by Divsha Bhat

October 21, 2021

Azimut Abu Dhabi, a subsidiary of asset management company Azimut, has partnered with Gellify Middle East to launch a $50m venture capital fund to support B2B start-ups in the MENA region.

The new VC Fund will target a range of startups, from seed-stage startups, market phase startups to those ready to scale up. These startups 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 the most advanced technologies like AI, IoT, blockchain and cyber security.

“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 startups and corporates is aligned to the Middle East’s goal of becoming a digital innovation engine of MENA region and will create a robust and thriving innovation ecosystem,” says Massimo Cannizzo, CEO and co-founder, Gellify Middle East.

In 2019, Azimut and Gellify have raised EUR65m for the Digitech Fund – a similar VC strategy predominantly focusing on European startups and carrying a degree of global diversification.

As both partners have established their presence in the region, they are already co-investing in the Middle East. In June 2021, the Azimut Gellify Digitech Fund 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,” says Maroun Jalkh, chief executive officer of Azimut Limited

Meanwhile, the Middle East is becoming a popular investment location for both regional and worldwide investors. Young entrepreneurial innovation contributes considerably to overall productivity development. According to Wamda, investment growth has continued in the Middle East and North Africa region, with 44 startups raising more than $175m in April, up from $5m in March 2021.

Read: The growth of startups in the MENA region