Abu Dhabi, an oil-rich emirate, is intensifying its push into the technology industry by establishing a new $200 million fund to invest in early-stage firms. According to a statement, Further Ventures, which is supported by the sovereign wealth fund ADQ, will concentrate on supply chain, fintech, and digital asset investments.
The new vehicle will partner with founders and provide “capital from pre-seed to growth, product, engineering, design, regulatory support and market access to teams who want to build lasting technology companies.”
ADQ was set up in 2018 and its portfolio contains some of Abu Dhabi’s most strategic assets across energy, transport and food.
Another ADQ-linked investment vehicle, Abu Dhabi Growth Fund, was established last year to invest in private equity, venture capital, hedge funds and public equities. Together with artificial intelligence firm G42 it set up a $10 billion emerging markets tech fund in August.
