Abu Dhabi Investment Office Invests US$16 Million In UAE-Based Startups Securrency, TruKKer, Sarwa, YACOB, and Okadoc - Entrepreneur | Canada News Media
ADIO’s Ventures Fund is an initiative of the Abu Dhabi Government’s Ghadan 21 accelerator program
January
23, 2020
3 min read
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Five UAE-based startups – Securrency, TruKKer, Sarwa, YACOB, and Okadoc – have received a total of AED60 million (US$16.3 million) from the Abu Dhabi Investment Office (ADIO).
It is the latest batch of startups and fund managers that has been supported by ADIO’s Ventures Fund, an initiative of the Abu Dhabi Government’s Ghadan 21 accelerator program. The fund is supporting the growth of Abu Dhabi’s startup and venture capital ecosystem. ADIO also signed its first investment in a venture capital firm, Global Ventures, through its Ventures Fund’s New Fund Manager Programme, which matches every dirham raised by the VC in the private market.
“The Ventures Fund was created to deepen Abu Dhabi’s innovation ecosystem and ensure big thinking is not constrained by limited capital,” said Dr. Tariq Bin Hendi, Director General of ADIO, in a statement. “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.”
Dr. Tariq Bin Hendi, Director General of ADIO. Source: ADIO
Of the five startups that secured investment, Sarwa, a digital investment advisory on optimizing personal finance, has included its share into its Series A round aimed at strengthening the startup’s position in the UAE by growing its tech team in Abu Dhabi. In a press release, the Sarwa team stated that, in a round led by Kuwait Projects Company (KIPCO), they raised $8.4 million from Dubai International Financial Center, 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.
Comparing the lessons learnt from all her fundraising rounds so far for Entrepreneur Middle East, Nadine Mezher, co-founder and Chief Marketing Officer, Sarwa, says that it was important to start the conversation with investors early on and keep the community around them updated on Sarwa’s progress. “Investors like to be updated on all small milestones reached,” Mezher says. “We make it more personal, and try to have them enjoy the process of learning about us and the industry we operate within. Our main piece of advice is to scan the community and focus on investors you want to have as strategic partners, and ones that understand your vertical.”
The Sarwa founding team. Source: Sarwa
Gaurav Biswas, founder and CEO of TruKKer, an Abu Dhabi-based logistics platform for road-freight, explains that his team will use the funding 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,” he said, in a statement. Similarly, Faisal Al Hammadi, founder and CEO of YACOB, a seed stage startup helping to combat childhood obesity rates through an operating system for youth nutrition, added, “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.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
