Bloomberg Abu Dhabi sets up $200 million tech fund for startups

As the oil-rich emirate deepens its push into the technology sector, a new $200 million fund is set up by Bloomberg Abu Dhabi to invest in early-stage startups.

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Further Ventures, anchored by the ADQ sovereign wealth fund, will focus on investments in digital assets, fintech and supply chain, it said in a statement.

The new vehicle will partner with the founders to provide capital from pre-seed to growth, engineering, design, regulatory support and market access to teams who want to build lasting technology companies. ADQ was set up in 2018 and it has some of the most strategic assets in Abu Dhabi across energy, transport and food.

Abu Dhabi Growth Fund, an investment vehicle that is ADQ-linked, was founded last year to invest in private equity, venture capital, hedge funds and public equity. In August, it set up a $10 billion emerging markets tech fund with artificial intelligence firm G 42.

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