Noor Sweid, Dubai-based Global Ventures, said the company is close to meeting its goal of raising $100 million for its new fund after attracting investment from government investors in Abu Dhabi and Saudi Arabia, Bupa Arabia Insurance Company and American investors.
“We launched the second fund (about) a year ago last August and we will finish very soon,” Sweid, who is also a general partner in the fund, told Reuters, adding that the fund was attracting Investments from the Abu Dhabi Government’s Mubadala Fund and Abu Dhabi Development Holding Company. Mubadala also invested in the first fund.
She stated that 60% of the second fund’s investors are from the United States, while the others include the Saudi Venture Investment Company.
Suwaid noted that the fund, which intends to target sectors such as digital health, education, technology, agricultural technology and digital technology, has already made 18 investments and can invest in up to 30 companies.
She added that fintech continues to interest the fund, noting a recent investment in Pakistani fintech firm ABHI.
