Raiven Capital announced the launch of a new USD 125M venture capital fund in Dubai International Financial Centre (DIFC).
The fund will focus on founders developing tech in AI, Internet of Things and Distributed Ledger Tech, with a particular emphasis on digital platforms disrupting value chains in finance, energy, health, environment, food sectors, and more.
Investing in innovation in early and growth-stage tech companies in GCC, South Asia, and North/East Africa and enabling them to blossom into leaders by connecting them to markets and capital in Europe and North America, via Raiven’s new Dubai hub, is what we are most excited about, noted General Partner, Raiven Capital, Paul Dugsin.
“The fund will serve the needs of the local startup ecosystem, enabling them to become regional and global competitors, while providing Raiven’s existing community of start-ups and investors access to all advantages of the Middle East and the broader region.”
Arif Amiri, Chief Executive Officer, DIFC Authority, said:
“We welcome Raiven Capital to DIFC. Raiven’s focus on nurturing early and growth-stage AI, IoT and distributed ledger tech startups through the launch of this new venture capital fund shows strong confidence in Dubai’s economy, talent-base and future-forward entrepreneurial ecosystem. The firm’s presence in DIFC will not only benefit the local startup community in taking the future of tech to new heights, but also provide Raiven’s global network of founders and partners with access to a wealth of resources in the MEASA region and beyond.”
General Partner, Raiven Capital, Supreet Manchanda noted the fervor around Dubai’s ecosystem and the opportunities it presents:
“We are thrilled to be in a place growing exponentially. Founders are eager to contribute to global innovation. The government’s robust support for entrepreneurship is impressive, and unlike any other place at this time. We look forward to meeting the best and brightest in Dubai and DIFC in particular. There are great things ahead.”
The tech industry in UAE and regionally has recently seen substantial expansion. Yet, funding is falling behind the quick speed of change and technological adoption. This is drawing global technology businesses and international venture capitalists to the region. Raiven’s fund further accelerates growth of the venture ecosystem to meet the increasing demand.
MENA venture capital funding in Q3 of 2023 saw USD250M raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
Featured image credit: Edited from freepik