By Sam Bridge
Abu Dhabi Investment Office says recipients are are innovation-focused companies that are either based in or expanding into the emirate
The Abu Dhabi Investment Office (ADIO) has announced AED60 million ($16.3 million) of investment in a batch of start-ups and fund managers applying to its Ventures Fund.
The recipients - Securrency, TruKKer, Sarwa, YACOB and Okadoc - are innovation-focused companies that are either based in Abu Dhabi or expanding into the emirate.
ADIO said it has also signed its first investment in a venture capital firm, UAE-based Global Ventures.
ADIO’s Ventures Fund opened in May as an initiative of the Abu Dhabi Government’s Ghadan 21 accelerator programme and is supporting the growth of Abu Dhabi’s start-up and venture capital ecosystem by increasing access to capital.
Dr Tariq Bin Hendi, director general of ADIO, said: “The Ventures Fund was created to deepen Abu Dhabi’s innovation ecosystem and ensure big thinking is not constrained by limited capital. Once a start-up is operational, Abu Dhabi is safe ground for innovation and a place where entrepreneurs can confidently take commercial and creative risks.
"ADIO is passionate about supporting entrepreneurs, we want to give start-ups the opportunity to become the next regional, or perhaps even global, tech success story.”
Securrency, part of Abu Dhabi Global Market’s (ADGM) RegLab and a winner of Hub71’s Incentive Program, is a pioneer of blockchain technology to support global digital securities transactions.
Sarwa is a tech-enabled financial platform that works on implementing time-tested investment strategies and developing a personalised investment experience.
Trukker, a regional logistic platform for road-freight, brings innovation to trucking with on-demand aggregation.
Okadoc is an online doctor appointment booking platform while YACOB, a seed stage startup, is helping to combat childhood obesity rates through an operating system for youth nutrition.
In addition to the Ventures Fund, ADIO said it is working alongside partners like Hub71, twofour54 and the other free zones to continue to grow the emirate’s innovation ecosystem.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.