ADCP backs blockchain startup Securrency for UAE expansion

Abu Dhabi Catalyst Partners (ADCP), a joint venture of UAE sovereign wealth fund Mubadala Investment Company and New York-based investment firm Falcon Edge Capital, has invested in US fintech startup Securrency.

ADCP’s investment is part of the startup’s Series B funding round of $30 million. Other investors in the round included WisdomTree Investments, State Street and US Bank.

WisdomTree is an existing investor in Securrency, which develops blockchain-based financial and regulatory technology.

Securrency said in a statement it will use the money to roll out its expansion into countries like the UAE. It also said that it has applied for licenses to set up regulated financial services businesses in the Abu Dhabi Global Market and that it plans to “offer cutting-edge digital assets services” globally from the financial centre in tie-up with ADCP.

The startup, which had raised $17.65 million in a Series A round last year, said that ADCP’s backing builds on previous investment by the Abu Dhabi Investment Office and shows their commitment to develop leading-edge technology in the ADGM.

ADCP was launched in April 2019 as a $1 billion fund. It ADCP makes both direct investments in companies and in alternative investment funds. It also has a mandate to contribute to the ADGM’s development.

Apart from Securrency, ADCP has struck at least three other deals this year. Last month, it invested $75 million in messaging app Telegram. Mubadala invested an equal amount in Telegram at the time.

In March, ADCP came in as an anchor investor in the ADGM-based private equity firm Olive Rock Partners. Its portfolio also includes aircraft leasing platform Sirius Aviation Capital, ADGM-based wealth manager Freedom Asset Management and global investment firm Avenue Capital Group.

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