Raiven Capital today announced the launch of a new USD 125M venture capital fund in Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region. The fund will focus on founders developing tech in AI, Internet of Things and Distributed Ledger Tech, with a particular emphasis on digital platforms disrupting value chains in finance, energy, health, environment, food sectors, and more.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231107596912/en/
Investing in innovation in early and growth-stage tech companies in GCC, South Asia, and North/East Africa and enabling them to blossom into leaders by connecting them to markets and capital in Europe and North America, via Raiven’s new Dubai hub, is what we are most excited about, noted General Partner, Raiven Capital, Paul Dugsin. “The fund will serve the needs of the local startup ecosystem, enabling them to become regional and global competitors, while providing Raiven’s existing community of start-ups and investors access to all advantages of the Middle East and the broader region.”
Arif Amiri, Chief Executive Officer, DIFC Authority, said: “We welcome Raiven Capital to DIFC. Raiven’s focus on nurturing early and growth-stage AI, IoT and distributed ledger tech startups through the launch of this new venture capital fund shows strong confidence in Dubai’s economy, talent-base and future-forward entrepreneurial ecosystem. The firm’s presence in DIFC will not only benefit the local startup community in taking the future of tech to new heights, but also provide Raiven’s global network of founders and partners with access to a wealth of resources in the MEASA region and beyond.”
General Partner, Raiven Capital, Supreet Manchanda noted the fervour around Dubai’s ecosystem and the opportunities it presents: “We are thrilled to be in a place growing exponentially. Founders are eager to contribute to global innovation. The government’s robust support for entrepreneurship is impressive, and unlike any other place at this time. We look forward to meeting the best and brightest in Dubai and DIFC in particular. There are great things ahead.”
The Toronto-based fund is creating bridges between its home country and Dubai, an exciting development. “We are thrilled that Raiven Capital, a Canadian venture capital fund, is the first of its kind to obtain a license to operate in DIFC in Dubai. Raiven has ambitious plans for the region connecting Canada, the UAE, Silicon Valley and other high growth tech ecosystems. We look forward to working with them,” said Tracy Reynolds, Canada’s Consul General in Dubai.
The tech industry in UAE and regionally has recently seen substantial expansion. Yet, funding is falling behind the quick speed of change and technological adoption. This is drawing global technology businesses and international venture capitalists to the region. Raiven’s fund further accelerates growth of the venture ecosystem to meet the increasing demand.
MENA venture capital funding in Q3 of 2023 saw USD250M raised across 78 deals, a 32 percent increase compared to Q2 of 2023, according to MAGNiTT’s MENA Venture Investment Premium Report.
About Raiven Capital: Raiven Capital
Raiven Capital is a global technology venture fund with roots in Silicon Valley and Toronto focusing on Artificial Intelligence, DLT and Internet of Things. Raiven actively seeks founders developing companies that optimize value chains across cybersecurity, finance, energy, health, environment, food sectors, and more.
We are on LinkedIn, Twitter and Facebook. To learn more read our blog Dry Powder. Our latest posts on artificial intelligence address ethics and regulation.
For media enquiries: Press@raivencapital.com
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231107596912/en/