The Abu Dhabi Investment Office, ADIO, has launched an AED535m fund to grow Abu Dhabi’s Venture Capital, VC, and start-up ecosystem.
Ghadan Ventures Fund is part of the government’s Ghadan 21 program that is working to accelerate Abu Dhabi’s economy and build a dynamic and thriving entrepreneurial culture.
The fund has two key programs designed to increase the availability of capital for Abu Dhabi based startups, as well as serve as a catalyst for new fund managers seeking to establish themselves in the capital.
These include the ‘Start-up Matching Fund’ and ‘New Managers Fund’.
The Start-up Matching Fund will help Abu Dhabi’s budding entrepreneurs by increasing the amount of capital available for seed and early-stage companies. The ADIO will match a start-up’s lead VC investment dirham for dirham, up to AED10 million for seed rounds, and AED50m for Series ‘A’, per round.
To increase the number of VC funds operating in the Emirate, ADIO will also commit to new Abu Dhabi VCs under the New Managers Fund.
Newly formed Abu Dhabi-based VCs can apply for funds matching the amount they raise in the private market.