Dubai-based TURN8 has launched USD 60 million Venture Capital Fund for technology innovation. The fund is expected to support the startup ecosystem and look for opportunities in technology innovation.
“This strategic move comes from witnessing a major gap in the market for startups to grow from the accelerator stage into full-fledged businesses that attract venture capital. We are very excited to see more startups with different innovative technology rising from the MENA region and this fund will provide a further push to their business,” said Kamal Hassan, General Partner, TURN8.
Till date, TURN8 accelerator has launched and invested in over 60 companies with startups like Loadme, Kashmi, Pixelbug and Paack, in its portfolio.
The new fund will follow a dual investment strategy of seed funding to accelerator stage startups and follow-on funding for growth stage startups graduates of the TURN8 accelerator.
