ADCP backs Halo Investing in second US fintech bet this year

 ADCP backs Halo Investing in second US fintech bet this year

Abu Dhabi Catalyst Partners (ADCP), a joint venture between the UAE-based sovereign wealth fund Mubadala Investment Company and Falcon Edge Capital, has backed fintech company Halo Investing.

ADCP joined Halo’s Series C fundraise of $100 million that was led by Owl Capital. Allianz Life Ventures, Alumni Ventures Group and William Blair pitched in, too.

Chicago, US-based Halo said it will use the funding to expand into new asset classes, enter new markets, and have access to innovative protective investments. Halo will also open an office at Abu Dhabi Global Market (ADGM).

Founded in 2015, Halo is led by Indian-origin co-founder and chief executive officer Biju Kulathakal. He is a graduate of the Illinois Institute of Technology and also a venture partner with OCA Ventures. Halo had previously raised $12 million in Series B and $5.6 million in seed and Series A.

“Our platform provides easy and transparent access to investment solutions that can help solve this savings crisis. The future of investing is outcome-based,” Kulathakal said.

ADCP CEO James Munce said the investment in Halo is another example of the firm’s commitment to partnering with businesses that will “fundamentally disrupt their respective industries and strive to create more efficient markets”.

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

In April, ADCP had backed US fintech startup Securrency as part of a Series B funding round of $30 million. Other investors in the round included WisdomTree Investments, State Street and US Bank. Securrency, too, is expanding in the UAE.

In March, ADCP invested $75 million in messaging app Telegram. Mubadala invested an equal amount in the WhatsApp rival at the time.

The same month, 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.

Aman Malik

The Capital Quest