ADIO pumps in $16 billion into futuristic Abu Dhabi tech startups
The Abu Dhabi startups are sponsored by ADIO’s Ventures Fund, a project of the Abu Dhabi Government’s Ghadan 21 accelerator scheme.
The Abu Dhabi Investment Office (ADIO) has pumped in $16.3 million into five Abu Dhabi tech startups companies – Securrency, TruKKer, Sarwa, Okadoc and YACOB.
The initiative is sponsored by the ADIO’s Ventures Fund, which is a project of the Abu Dhabi Government’s Ghadan 21 accelerator scheme. The fund is assisting the expansion of Abu Dhabi’s startup and venture capital network.
The ADIO has also inked its maiden investment in a venture capital company – Global Ventures, which is facilitated by its Ventures Fund’s New Fund Manager Programme.
Sarwa, a digital investment advisory firm on optimising personal finance, is among the five startups that have obtained investment from the ADIO.
Dr. Tariq Bin Hendi, Director General of ADIO, in a statement said that the Ventures Fund was designed to boost Abu Dhabi’s advanced technology ecosystem so that restricted capital could not curb great ideas from being implemented.
He assured that once tech startups are functioning, Abu Dhabi is a secure location for futuristic mechanisms and a destination where budding entrepreneurs can embark on commercial and creative risks without having any inhibitions.
Dr. Hendi concluded by saying that ADIO is very keen to facilitate entrepreneurs as it intends to provide startups the chance to emerge as the leading tech companies not only at the regional level but also on the international stage.