Israel's investment platform OurCrowd, the country's most active venture capital fund, today announced that it has become the first Israeli venture capital to be approved and licensed by Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, to operate in the United Arab Emirates (UAE).
OurCrowd Management (Arabia) Limited will operate as a fund manager regulated by the ADGM’s Financial Services Regulatory Authority.
Dr. Sabah al-Binali has been appointed OurCrowd’s UAE-based venture partner and will serve as executive chairman of OurCrowd Arabia. He said, "The welcome recognition by the Abu Dhabi regulatory authorities will enable us to create venture funds based at ADGM to invest in technology startups and projects in the UAE and across the region. Our core focus in the initial stage will be on the agricultural, financial and medical technology sectors."
OurCrowd CEO and founder Jon Medved added, "This historic development, a fruit of the Abraham Accords, will not only allow OurCrowd to raise funds in the UAE, but also promote local Emirati and regional startups to our 160,000 global investors and drive international investments into the UAE's dynamic startup ecosystem. This is a major step toward developing OurCrowd’s business in the UAE and demonstrates our long-term commitment to the Gulf region."
Since it was founded in 2013, OurCrowd has received over $1.8 billion in commitments and has invested in more than 280 portfolio companies and 30 funds on five continents. OurCrowd’s startups have recorded 50 exits including several stock market listings: Beyond Meat, Lemonade, Innoviz, Hub Security; and numerous high-profile acquisitions: JUMP by Uber, BriefCam by Canon, Argus by Continental, Crosswise by Oracle, Corephotonics by Samsung, and CyberX by Microsoft.
Published by Globes, Israel business news - en.globes.co.il - on November 22, 2021.
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