ADQ and Jordan’s MoDEE launch $100M Tech Fund
Abu Dhabi-based investment and holding company ADQ has launched a $100M Technology-focused Venture Capital fund with the Ministry of Digital Economy and Entrepreneurship (MoDEE) of Jordan.
Time to make clear-cut decisions? Subscribe to our platform for dynamic real-time data at your fingertips.
ADQ, an Abu Dhabi-based investment and holding company, has launched a $100M Technology-focused Venture Capital fund (the Fund) with the Ministry of Digital Economy and Entrepreneurship (MoDEE) of Jordan, in the presence of His Excellency the Prime Minister of Jordan Bisher Al Khasawneh, to support high-growth technology companies and the continued growth of the Kingdom’s burgeoning digital economy.
The Fund will invest in high-growth companies with proven business models, as well as funds primarily focused on Jordan. As part of accelerating the Kingdom’s digital economy, the Fund will be dedicated to tech start-ups and innovation-led companies specialized in sectors including information technology; telecommunications; financial services; education; food and agriculture; healthcare and life sciences; mobility and logistics, as well as clean energy technologies.
As seen in our MENA Q1 2022 Venture Investment Report, the MENA region has been a strong center for VC interest and that was evident in the first quarter of the year as it aggregated over $800M. The region has also seen the launch of many MENA-focused funds including the $100M fund launched by DIFC, a fund launched by Flat6Labs and SVC to empower Saudi-based startups, SHUAA Capital and Shorooq Partners each launched funds to support Early-Stage startups and new players, earlier this year. UAE and Jordan are both very active players of the ecosystem. UAE was the leading geography across MENA in Q1’21 while Jordan has seen a notable amount of capital going into Early-Stage startups including the likes of WafR and Kitchefy.
Access our suite of Q1 2022 Reports covering MENA, Africa, Pakistan & Turkey. Browse our latest and pick your data focus
Building on the UAE’s strategic industrial partnership with Jordan, ADQ is reinforcing its commitment to investing in advancing core sectors of the Kingdom’s economy and enhancing the global technology ecosystem. The Fund complements ADQ’s strategy to unlock mutually beneficial growth opportunities and deliver sustainable financial returns to the UAE and its partners that drives value creation and long-term economic prosperity.
With 27% of tech entrepreneurs in the Middle East and North Africa (MENA) region of Jordanian nationality, the country is home to highly skilled talent and more than 600 technology companies. H.E. Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, commented: “We established the $100M Fund with the Ministry of Digital Economy and Entrepreneurship in recognition of the strong potential of Jordan’s tech ecosystem. Jordan’s dynamic marketplace offers vast investment potential in sectors where we have significant expertise. Moreover, we can serve as a committed partner to support their growth. By unlocking access to our growing portfolio of leading companies, we intend to accelerate growth opportunities and market access for companies, entrepreneurs and funds that are at the cutting-edge of technology.”
H.E. Ahmad Al Hanandeh, Minister of Digital Economy and Entrepreneurship said: “Today’s announcement marks a significant milestone in Jordan’s economic growth, and reflects our focus on partnering with world’ leading organizations to deliver positive impact and change. Designed to accelerate the transformation of the digital economy, ADQ will invest, alongside MoDEE, in high-growth technology companies that will help to create, promote, and drive new digital opportunities in Jordan, and reinforce our place on the world technology map.”
Get a diagnosis of the landscape. Access real-time data on 9000+ startups in MENA