ADIO invests $16.3 million in new batch of innovation-focused startups

The Abu Dhabi Investment Office (ADIO) has made an investment of $16.3 million (Dh60 million) in the latest batch of startups and fund managers applying to its ventures fund. The recipients, Securrency, TruKKer, Sarwa, Yacob and Okadoc, are innovation-focused companies that are either based in Abu Dhabi or expanding into the emirate. ADIO also signed its first investment in a venture capital firm, UAE based Global Ventures.

ADIO’s Ventures Fund opened in May 2019, as an initiative of the Abu Dhabi Government’s Ghadan 21 accelerator programme. The fund is supporting the growth of Abu Dhabi’s startup and venture capital ecosystem by increasing access to capital and stimulating the number of high skilled jobs in the UAE capital’s growing technology sector.

Dr Tariq bin Hendi, director general of ADIO, said: “The Ventures Fund was created to deepen Abu Dhabi’s innovation ecosystem and ensure big thinking is not constrained by limited capital. Once a startup is operational, Abu Dhabi is safe ground for innovation and a place where entrepreneurs can confidently take commercial and creative risks. ADIO is passionate about supporting entrepreneurs, we want to give startups the opportunity to become the next regional, or perhaps even global, tech success story.”

Global Ventures received funding through the Ventures Fund’s New Fund Manager Programme, which matches every dirham raised by the VC in the private market. The company is a growth-focused VC investing in revenue-generating enterprise technology companies that can scale and create impact in emerging markets.

Noor Sweid, general partner of Global Ventures, said: “We are incredibly pleased to be working with ADIO on investing in the region’s technology companies and enabling them to scale and grow into success stories. The ability for entrepreneurs to work alongside the leadership and visionaries is truly unique and provides an advantage as these founders fulfil their ambitions.”

Securrency, TruKKer, Sarwa, YACOB and Okadoc, received funding through the Venture Fund’s Startup Matching Programme, which matches dirham for dirham a lead investor’s commitment to an innovative startup, based in or relocating to Abu Dhabi. ADIO’s investments will work to spur further innovation in the capital.

Securrency, part of Abu Dhabi Global Market’s (ADGM) RegLab and a winner of Hub71’s Incentive Program, is a pioneer of blockchain technology to support global digital securities transactions. “As early as 2017, Securrency recognised the leading role Abu Dhabi and the ADGM would play in the responsible, regulated global adoption of digital assets and we have maintained a strong presence in the emirate since,” said John Hensel, co-founder and chief operating officer of Securrency.

“We applaud the efforts of the Abu Dhabi government to establish ADGM as an innovation hub and global leader in end-to-end financial technology services, and we are pleased to have ADIO as a strategic investor in Securrency. We are committed to Abu Dhabi and plan to house the bulk of our world-class software engineering talent at Hub71. Leveraging the dynamism of this technology-forward environment and the support of the visionary government of Abu Dhabi, we will develop and deliver our core digital securities technology in Abu Dhabi and contribute to further enhancing ADGM’s global reputation as one of the world’s most innovative financial centres,” Hensel continued.

Sarwa - a tech-enabled financial platform that works on implementing time-tested investment strategies and developing a personalised investment experience - received more than $8.4 million in series A round led by Kuwait Projects Company Holding (Kipco) and joined by leading investors such as the Dubai International Financial Centre, Abu Dhabi Investment Office, Vision Ventures from Saudi, Hambro Perks from the UK, as well as existing investors that were part of the previous rounds.

Mark Chahwan, CEO of Sarwa commented: “We are thrilled to have ADIO as an investor and strategic partner of Sarwa. This is a major endorsement of our company, and a testament to the success story we have created over the past two years. We believe that with ADIO’s support, we have a winning combination to continue our progress towards helping everyone in the region optimise their personal finance and make investing accessible, affordable and most importantly, transparent.”

Trukker, a regional logistic platform for road-freight, brings innovation to trucking with on-demand aggregation. Its user-friendly interface makes it easy for customers to make automated bookings and real-time tracking of trucks. Gaurav Biswas, Founder and CEO of TruKKer, said: “We are thrilled with the investment from the ADIO. As an Abu Dhabi company, TruKKer’s growth in the UAE and the MENA region will receive a further boost from ADIO’s support. We are keen to invest in the overall upgrade of the road-freight ecosystem with the use of advanced technologies and innovation in traditional processes. It is very encouraging to see government institutions like
ADIO investing in technology startups.”

Okadoc, is an online doctor appointment booking platform that connects healthcare providers and doctors with their patients. Fodhil Benturquia, Founder and CEO, Okadoc, said: “Our mission at Okadoc is to build and deploy technologies to improve the healthcare experience for everyone involved. We are very excited to be working with ADIO to achieve this mission and be part of the UAE’s tech ecosystem that enables startups like us to successfully scale across the region and beyond.”

Yacob, a seed stage startup, is helping to combat childhood obesity rates through an operating system for youth nutrition. Faisal Al Hammadi, Founder and CEO of Yacob, said: “The investment from ADIO has enabled us to fast-track our fundraising process which enables us to spend more time on execution, therefore increasing our chances of success.”

In addition to the Ventures Fund, ADIO is working alongside partners like Hub71, twofour54 and the other free zones to continue to grow the emirate’s innovation ecosystem. ADIO’s role includes connecting with innovation-led investors and companies to help them maximise the use of Abu Dhabi’s infrastructure, from its research-led universities to its specialised free zones. 2020 will see Abu Dhabi open the world’s first AI university, the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), while free zones like ADGM, Masdar and twofour54 have dedicated programmes to support early stage businesses to thrive.

Source: Khaleej Times

Recent news items
ADIO invests $16.3 million in new batch of innovation-focused startups
Tue 03 March 2020 - 10:43:00
UAE economy grew at 2.9% in 2019, central bank says
Tue 03 March 2020 - 10:20:00
Job Vacancy at Flanders Investment & Trade: Assistant to the Economic & Commerce Attaché in Dubai
Sun 01 March 2020 - 2:58:00
European Ambassadors discuss Economic Diplomacy at Emirates Diplomatic Academy
Wed 26 February 2020 - 3:09:00
FrancoFilm Festival Returns in March 2020 and Celebrates its 10th Anniversary!
Tue 28 January 2020 - 3:16:00
The Chamber of Commerce of the Grand Duchy of Luxembourg - official mission to Dubai 26 - 30 January
Mon 18 November 2019 - 8:32:00
FDI Global Free Zones of the Year Awards 2019 honors RAKEZ with two distinctions
Mon 21 October 2019 - 7:38:00
Junior Professional Officers (JPO’s) positions available at the UN for Belgian Nationals
Tue 15 October 2019 - 12:17:00
Abu Dhabi Chamber hosts Seventh Edition of the International Franchise Exhibition
Mon 30 September 2019 - 4:35:00
Departure of H.E. Frank Mollen, Ambassador of the Netherlands to the UAE
Fri 13 September 2019 - 2:35:00
Abu Dhabi industrial zone says to waive 75% of charges
Thu 05 September 2019 - 11:54:00
UAE CEO’s optimistic on economic outlook
Tue 20 August 2019 - 11:53:00
Dubai, Abu Dhabi outlooks improve substantially
Tue 30 July 2019 - 9:04:00
Stay up-to-date on the local safety situation
Thu 27 June 2019 - 9:15:00
Netherlands kicks off its Expo pavilion construction with innovative water harvest
Thu 27 June 2019 - 9:13:00
BESIX Group closes an excellent 2018 on all markets, enters 2019 with record order book
Sun 14 April 2019 - 11:43:00
Ministry of Economy Organizes SME Expo in Abu Dhabi this month
Wed 10 April 2019 - 1:52:00
UAE ranked among world’s top 10 most positive on economy
Mon 01 April 2019 - 9:55:00
Abu Dhabi waives new licence fees, cuts business setup charges at airports free zone
Thu 14 March 2019 - 9:27:00
Unifying holidays is great news for business
Thu 07 March 2019 - 7:12:00
ADSW Breakfast Session, 15 January 2019
Wed 16 January 2019 - 10:49:00
Vacancy: Consular Assistant at the Embassy of the Kingdom of Belgium
Tue 08 January 2019 - 12:21:00
Behind the scenes at NYU Abu Dhabi
Sun 16 December 2018 - 10:09:00
Entrepreneurs to drive UAE’s future economic growth
Wed 05 December 2018 - 6:37:00
Abu Dhabi ranked safest city in the world
Thu 15 November 2018 - 12:34:00
Inaugural Direct Flight from Luxembourg Receives Warm Welcome at Ras Al Khaimah International Airpor
Wed 31 October 2018 - 1:09:00
Dutch connection in Gulf campaign launched at WETEX 2018
Wed 31 October 2018 - 1:03:00
Employment Opportunity for Office and Events Manager
Sun 21 October 2018 - 9:41:00
Job vacancy at FIT Dubai: Invest Deputy Flanders Investment & Trade – Dubai (UAE)
Thu 11 October 2018 - 2:47:00
From Gulf War mine hunting to diplomacy: meet Belgium’s new ambassador to the UAE
Sun 23 September 2018 - 8:47:00
FNR AND MINISTRY OF THE ECONOMY TO LAUNCH A “SPACE RESEARCH PROGRAM”
Tue 11 September 2018 - 2:10:00
The Ocean Cleanup’s first system has been launched into the Pacific Ocean from San Francisco
Sun 09 September 2018 - 12:27:00
Become a member of the BeNeLux Business Council now and receive the rest of the year for free!
Tue 04 September 2018 - 12:06:00
UAE to celebrate Emirati Women’s Day on August 28
Tue 28 August 2018 - 9:42:00
Red Devils finish in third place in World Cup
Mon 27 August 2018 - 1:35:00
Red Devils finish in third place in World Cup
Sat 07 July 2018 - 1:07:00
Exclusive: Why the first female ambassador in Saudi Arabia thinks the UAE got gender equality right
Sat 07 July 2018 - 1:03:00
Eid Mubarak
Thu 14 June 2018 - 9:14:00
Job Vacancy at the Embassy of the Kingdom of the Netherlands
Mon 04 June 2018 - 4:46:00
Ramadan Kareem
Thu 17 May 2018 - 10:35:00
Kingsday
Tue 15 May 2018 - 10:44:00
2018 is the year of the North Sea
Wed 11 April 2018 - 10:08:00
60th Anniversary of the Atomium!
Wed 11 April 2018 - 9:50:00
Equal gender pay announced in UAE
Wed 11 April 2018 - 9:46:00
Sheikh Mohamed wishes on International Women’s Day
Thu 15 March 2018 - 11:08:00
The world least corrupt countries: The Netherlands and Luxembourg share an 8th place.
Thu 15 March 2018 - 10:59:00
New survey ranks Amsterdam as the safest city in Europe
Thu 15 March 2018 - 10:47:00
Belgian Deputy Prime Minister receives UAE Gender Balance Council delegation in Brussels
Thu 15 March 2018 - 9:45:00
Job opening at FIT (flanders Investment & Trade)
Mon 26 February 2018 - 12:19:00
BELGIUM IS 16TH IN THE ANNUAL GROWTH PROMISE INDICATORS BY KPMG
Tue 20 February 2018 - 12:07:00
The Embassy of the Kingdom of the Netherlands is hiring!
Mon 12 February 2018 - 5:25:00
The Embassy of the Kingdom of Belgium in Abu Dhabi is hiring!
Mon 12 February 2018 - 4:55:00
BeNeLux 60 Years
Sun 28 January 2018 - 10:10:00
Luxembourg - An excellent platform for cleantech companies
Sun 28 January 2018 - 9:47:00
UAE to benefit from Dutch expertise on food, water and energy
Thu 25 January 2018 - 12:28:00
Best Wishes for 2018!
Wed 20 December 2017 - 8:49:00
46th National Day
Thu 30 November 2017 - 11:16:00
48 Dutch companies present at ADIPEC 2017
Mon 20 November 2017 - 11:19:00
Four Belgians among list of European innovators under 35
Mon 20 November 2017 - 10:55:00
6 November: Behind the scenes: VeBes O&M Company
Thu 09 November 2017 - 10:17:00
Etihad Airways Promotion
Wed 08 November 2017 - 10:50:00
Become a member of the BeNeLux Business Council now and receive the rest of the year for free!
Sun 17 September 2017 - 9:08:00
Eid Mubarak
Wed 30 August 2017 - 7:08:00
Luxembourg is the most productive country in the world in 2017!
Thu 17 August 2017 - 11:26:00
Abu Dhabi named second best city to live and work in
Mon 17 July 2017 - 2:57:00
Expo2020 Dubai: Invitation to Food & Beverage BusinessConnect
Wed 05 July 2017 - 11:13:00
Eid Mubarak
Sat 24 June 2017 - 9:28:00
Eid Mubarak
Sat 24 June 2017 - 9:28:00
The Dutch Have Solutions to Rising Seas. The World Is Watching.
Thu 22 June 2017 - 11:02:00
Etihad Airways: Boeing 787 network in Europe expanded
Sun 04 June 2017 - 10:02:00
Ramadan Kareem
Fri 26 May 2017 - 9:00:00
The Embassy of the Grand Duchy of Luxembourg is hiring!
Sun 14 May 2017 - 10:43:00
The Dutch have first place, Belgium third and Luxembourg 19th place of the most globalised countries
Tue 02 May 2017 - 1:12:00
UAE tops list of ‘safest country in the world’
Mon 24 April 2017 - 11:44:00
Wage gap decreasing most rapidly of all in Belgium
Sun 16 April 2017 - 12:13:00
The Embassy of the Kingdom of Belgium in Abu Dhabi is hiring!
Wed 05 April 2017 - 8:55:00
Netherlands to join Expo 2020
Sun 26 March 2017 - 10:34:00
UAE prepares to celebrate International Women’s Day
Thu 09 March 2017 - 9:46:00
Happy Woman’s Day to all our members and friends!
Wed 08 March 2017 - 3:19:00
Embassy of the Kingdom of the Netherlands: Job vacancies
Sun 05 March 2017 - 9:25:00
Etihad Airways Promotion
Mon 20 February 2017 - 10:02:00
Global Awareness Day
Sun 12 February 2017 - 8:05:00
Holland+You: explored business opportunities to support Dutch companies.
Mon 16 January 2017 - 9:49:00
The BBC has a very sportive Board of Directors !
Sun 15 January 2017 - 9:27:00
BESIX in the news: From Creek to Canal
Thu 12 January 2017 - 11:13:00
Best Wishes for 2017!
Tue 06 December 2016 - 9:42:00
Best wishes on the occasion of the UAE’s 45th National Day
Tue 06 December 2016 - 9:23:00
Belgian astronaut inspires Emirati youth on space exploration
Thu 24 November 2016 - 5:58:00
Ahmed Aboutaleb, Mayor of Rotterdam and prominent Dutch politician visiting Abu Dhabi
Wed 05 October 2016 - 8:24:00
Eid Mubarak
Mon 04 July 2016 - 11:20:00
Ramadan Kareem
Sun 05 June 2016 - 6:23:00
The UAE is an important trading partner
Thu 19 May 2016 - 10:50:00
The Embassy of the Kingdom of the Netherlands in Abu Dhabi is hiring
Mon 07 March 2016 - 12:40:00
Renew your membership now and fly for free!
Wed 23 September 2015 - 12:09:00
A Short Term Assistant (m/f) for the Dubai office - AWEX
Tue 27 January 2015 - 5:27:00