TURN8, a Dubai-based start-up accelerator, has launched a $60 million venture capital fund for technology innovation.
TURN8 Innovation Fund I.L.P. will follow a dual investment strategy of seed funding for accelerator stage start-ups and follow-on funding for growth stage start-up graduates of the TURN8 accelerator.
Speaking about the launch of the new fund, Kamal Hassan, general partner at TURN8, said: “This strategic move comes from witnessing a major gap in the market for start-ups to grow from the accelerator stage into full-fledged businesses that attract venture capital.
“The fund will continue to support the startup ecosystem and look for opportunities in technology innovation that match our portfolio requirements and are in line with our strategic objectives.”
TURN8 accelerator has successfully launched and invested in over 60 companies till date, including Loadme, an online marketplace for freight exchange; Kashmi, a peer-to-peer (P2P) payments service; Pixelbug, a technology company focused on augmented and virtual reality; and Paack, a start-up that connects omni-retailers' stores in major cities with its convenient delivery fleet.
In 2013 DP World and Innovation360 setup the TURN8 accelerator, raising over $6million in co-investment for its portfolio companies from various worldwide investors.
DP world is the first anchor investor, with over 20 percent ownership of the fund.
For more information, visit www.TURN8.comFor all the latest business 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.
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