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Abu Dhabi is setting up a new $200 million fund to invest in early-stage startups as the oil-rich emirate deepens its forays into tech.
Further venture capital firms backed by sovereign wealth fund ADQ will focus on investments in digital assets, fintech and supply chains, the company said in a statement.
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The new car will work with founders to provide “capital from pre-seed to growth, product, engineering, design, regulatory support and market access” for teams looking to build enduring technology companies. “
Founded in 2018, ADQ’s portfolio includes some of Abu Dhabi’s most strategic assets in the energy, transport and food sectors.
Another ADQ-related investment vehicle, the Abu Dhabi Growth Fund, was launched last year to invest in private equity, venture capital, hedge funds and public equities.
It launched a $10 billion Emerging Markets Technology Fund in August with artificial intelligence firm G42.
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