Dubai’s Global Ventures close to raising $100 mln target for second fund

DUBAI, Dec 14 (Reuters) – Dubai-based Global Ventures is close to meeting a $100 million target for its new fund after attracting investments from Abu Dhabi and Saudi Arabia’s state investors, insurer Bupa Arabia (8210.SE) and U.S. investors, founder Noor Sweid said.

This is the startup investment company’s second fund, which has raised double that of its inaugural venture and will participate in pre-series “A” and series “A” funding for startups in the Middle East and Africa region.

Series “A” financing refers to an investment in a startup company after it has shown progress in building its business model.

“We launched the fund 2 (about) a year ago, last August, and it will close very shortly,” General Partner Sweid told Reuters, adding that it has attracted investments from Abu Dhabi state investors Mubadala and ADQ. Mubadala was also an investor in the inaugural fund.

She said 60% of the investors for the second fund were from the United States, while others included Saudi Venture Capital Co (SVC).

The fund, which plans to target sectors such as digital health, education technology, agritech and financial technology, has already made 18 investments and could invest in up to 30 companies, Sweid said.

Fintech continues to excite the fund, she added, citing the company’s recent investment in Pakistani fintech firm ABHI.Reporting by Saeed Azhar; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

This article was originally published by Reuters.