ADQ-backed Further Ventures floats $200 mn fund for startup bets

 ADQ-backed Further Ventures floats $200 mn fund for startup bets

Further Ventures, a venture capital firm backed by the UAE sovereign wealth fund ADQ, has launched a new $200 million fund that will co-create and back new companies.

The new investment vehicle will back startups across three distinct vertical—digital assets, fintech and the supply chain sector, the VC firm said in a statement.

Further Ventures said it will back entrepreneurs as an institutional co-founder “to launch and grow new ventures from ideation to exit.”

“Entrepreneurs and experienced executives who choose to launch their next venture with Further will have access to product and engineering resources for concept development; seed capital required to take the business to Series A; and reserved capital for following on through multiple rounds of funding,” the firm said.

According to its website, Further Ventures has four companies in its portfolio. These are UAE-based fintech companies AUrem and Floos, business-to-business supply chain venture Right Farm, and digital assets company Stealth.

Further Ventures’ parent ADQ manages investments spanning industries such as utilities and energy, pharma and healthcare, logistics, food, mobility, agriculture, financial services and manufacturing.

ADQ manages its venture capital activities under a single umbrella platform DisruptAD, which backs venture capital funds as well as startups. DisruptAD also creates new incubators and accelerators to promote startup activity in Abu Dhabi, the UAE’s biggest and wealthiest emirate.

Outside of the UAE, DistrupAD is also eyeing markets in the Middle East and North Africa (MENA) region as well as India, China, the US and Southeast Asia. The platform also manages the AED1.1 billion ($300 million) Alpha Wave Incubation Fund that backs startups in India and Southeast Asia while also managing the AED535 million Ventures Fund, an initiative of Abu Dhabi’s Ghadan 21 accelerator programme.

Further Ventures joins an increasingly long list of venture capital firms that have been backing startups in the Gulf nation. According to reports, in the first six months of 2022, the UAE has seen investments worth nearly $700 million in the startup space, making it the leading Gulf country when it comes to venture capital financing.

Aman Malik

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