OurCrowd teams with UAE's Phoenix on tech funding

John Medved Photo: Yossi Zamir

Phoenix will serve as an investment platform for individuals and family offices in the Gulf seeking opportunities to invest in the Israeli tech ecosystem.

Israeli investment platform OurCrowd has signed a memorandum of understanding with business development company Phoenix, to increase business and tech ties between Israel and the United Arab Emirates (UAE).

Based in Jerusalem, equity crowdfunding platform OurCrowd is Israel’s most active venture investor with $1.5 billion of committed funding. OurCrowd will identify and support UAE-based startups seeking growth and development in Israel, as well as leverage its diverse portfolio of 220 companies to enhance business development for UAE startups seeking to collaborate on innovative solutions.

OurCrowd’s UAE expansion will be led by Dr. Sabah al-Binali, newly appointed Venture Partner and Head of the Gulf Region for OurCrowd.

Phoenix, headed by Al Naboodah Investments LLC chairman Abdullah S Al Naboodah, will serve as an investment platform for individuals and family offices in the Gulf seeking opportunities to invest in the Israeli tech ecosystem. Phoenix will enable investors to access OurCrowd’s vast array of tech investment opportunities across a variety of sectors including agritech, edtech, healthtech, artificial intelligence, robotics and more.

Phoenix will also introduce OurCrowd to Gulf-based startups with the aim of raising investment through OurCrowd’s platform. Leveraging its cross-industry reach, Phoenix will also assist Israeli-based startups with potential partners in the Gulf region.

Abdullah S Al Naboodah said, "Phoenix will be a bridge, a two-way conduit for both Israeli and UAE investors, as well as startups seeking strategic, business and investment partners in these powerhouse tech nations. This first of its kind major alliance will pave the way for the rapid expansion of business between our two countries."

OurCrowd founder and CEO Jon Medved said, "OurCrowd is pleased to associate itself with Al Naboodah, a leading and well-regarded business group in the UAE. The signing of OurCrowd’s first MOU in the UAE less than a month after formal normalization between the UAE and Israel shows our deep commitment to building relationships, and growing business in the UAE and beyond."

Published by Globes, Israel business news - en.globes.co.il - on October 6, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

John Medved Photo: Yossi Zamir
John Medved Photo: Yossi Zamir
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