Shorooq Investments and Plug and Play ADGM announce Partnership to accelerate Technological Innovation in Abu Dhabi and the broader MENA region
Shorooq Investments, a leading early stage technology-focused venture capital firm in the region announces its partnership with Plug and Play, the world’s largest and most successful global innovation platform, at Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi. The Company has joined forces with Plug and Play ADGM to accelerate innovation capabilities for visionary entrepreneurs who are at the leading edge of technological transformation in the region.
Shorooq Investments will become an ecosystem partner of Plug and Play’s Fintech Innovation Platform based in Abu Dhabi. Shorooq is also one of the only Abu Dhabi based venture capital funds in UAE. In synergy with Plug and Play ADGM, the Fund aspires to employ its expertise and investing style to build a bridge between “Silicon Valley” and the MENA region. With this partnership, Shorooq supports its commitment to invest behind the entrepreneurial transformation in the region and help the daring entrepreneurs build a brighter future. “We are humbled to share our insights and experiences with the region’s burgeoning startup & venture capital ecosystem, hoping that we build our journey together as one extended family” says Mahmoud Adi, Founding Partner. Shane Shin, Founding Managing Partner, further adds, “we are truly excited and honored to partner with Plug and Play as we have known their reputation since our San Francisco days and they are undoubtedly one of the best additions to the region to foster the fintech / startup ecosystem.”
Having successfully expanded into the GCC through its inaugural accelerator in partnership with Abu Dhabi Global Market (ADGM), Plug and Play is now targeting to building up momentum for the 2019 year by deploying capital into the MENA startup scene. The Company’s key goal is to facilitate engaging relationships between financial partners and startups to achieve their innovation goals on a global scale. While celebrating its massive success in the past, it retains focus on yet another journey in search of new and better ways of providing solutions in the market. “We are looking to strategically align ourselves with leaders of the MENA VC scene, of which Shorooq investments is a key player,” said Omeed Mehrinfar, Managing Partner EMEA, Plug and Play. “We both look forward to working towards our shared vision of positioning Abu Dhabi, the UAE and the larger region, as an innovation hub."
Shorooq Investments and Plug and Play have partnered together in efforts to continuously strive to serve the larger technology community in the Middle East and will host their first private Investor's Day event on Monday October 29th, at ADGM Academy in Abu Dhabi. This event will feature 3 Plug and Play ADGM selected startup pitches and a panel discussion about the funding landscape in the GCC and the best practices for international startups to enter the region.