The funds have a total value of US$250m and aim to support tech businesses in the region

Mubadala Capital has launched its first Middle East and North Africa (MENA) focused tech investment funds with a total of $250m.

The funds will include a $150m fund of funds programme that will invest in funds that are committed to supporting the Abu Dhabi-based Hub71 technology hub.

As part of this programme, Mubadala Capital said it will commit to three funds – San Francisco-based Data Collective Venture Capital, Middle East Ventures Partners and Global Ventures.

The investment programme will also include a $100m fund dedicated to direct investments in early-stage technology companies led by exceptional founders that are committed to being part of the Hub71 ecosystem.

The fund will invest in founder-led companies, targeting either enterprise or consumer sectors. The fund aims to invest in a portfolio of 15 companies.

The first investment from the direct fund is in Bayzat, which is a Dubai-based startup that uses a free cloud-based platform to help companies automate HR administration, payroll processing and health insurance.
The company is one of the first companies to set up operations in Hub71 and has raised $16m in Series B funding from regional and global investors including Mubadala Capital and Point72 Ventures. The company has now raised a total of $31m and plans to use the capital to invest in its technology and customer experience.

Mubadala has over a decade of experience of investing in the advanced technology sector. In 2007 it acquired a significant stake in Advanced Micro Devices (AMD).

Owned by Mubadala

  • Speciality foundry Globalfoundries;
  • Al Yah Satellite Company (Yahsat), which has three satellites in orbit;
  • Injazat Data Systems, a cloud computing provider in the Middle East; and
  • Khazna, which is a data centre company in the UAE.

Mubadala also has a significant stake in Emirates Integrated Telecommunications Company (Du).

MEED
This article is sourced from Verdict Technology sister publication www.meed.com, a leading source of high-value business intelligence and economic analysis about the Middle East and North Africa. To access more MEED content register for the 30-day Free Guest User Programme. 

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