Azimut – one of the main European leading independent asset manager – through its subsidiary Azimut (ME) Limited ADGM – and GELLIFY Group, an innovation platform that connects high-tech B2B startups with traditional companies to innovate their processes, products and business models, have announced the launch of a $50-Million VC Fund for the Middle East and North Africa (MENA) Region that will focus on B2B tech startups.
The announcement occurred at GITEX Technology Week in Dubai, which is the largest and most important technology event in the region that attracts trade visitors from all over the world.
The new VC Fund will focus on B2B startups in the Middle East and North Africa (MENA) region, excluded Abu Dhabi. It will target a range of startups – from seed-stage startups, market phase startups to those ready to scale up. These startups will have the potential to create disruptive innovation in the areas of smart city, healthcare, digital commerce, fintech, industry 4.0 and tourism with the use of the most advanced technologies like AI, IoT, blockchain and cyber security.
The first investments by the new venture capital fund are expected in the first quarter of 2022.
For some of the investments GELLIFY will support and accompany startups from their ‘gaseous’ or ‘liquid’ embryonic state to a reliable and scalable ‘solid’ state through its exclusive and proprietary growth program, ‘GELLIFICATION.’
Azimut started collaborating with GELLIFY Group since 2019 to explore the fast-growing venture capital sector focused on technology solutions for businesses.
In 2019 Azimut and GELLIFY similarly raised EUR 65 mln. for the Digitech Fund – a VC strategy predominantly focusing on European startups and carrying a degree of global diversification.
As both partners have established their presence in the region, they have been co-investing in the Middle East. In June 2021, Azimut Digitech Fund and GELLIFY co-invested in Workfam – a UAE-based employee SaaS platform company – to help it scale up, leveraging the GELLIFY global ecosystem.
“Just over a year after the launch of the Azimut Digitech Fund and having already announced 11 co-investments with Azimut Italia during 2021, we are ready to replicate this model in the MENA region. – says Fabio Nalucci, CEO and Founder of GELLIFY Group – We want to make a concrete contribution to the region to unleash its full potential in generating disruptive technological innovations. This is why we have launched our GELLIFY Middle East office in 2020 and we act as an international technology transfer highway, exchanging B2B startups’ cutting-edge technologies between Europe and the Middle East”.
“Azimut Digitech has been an innovation for the Italian market and now we want to export this success story to the Middle East and North Africa, also thanks to the strength of our local presence. The governments of those regions are committed to promoting innovation and have successfully taken steps to make their economies more digital. Together with GELLIFY’s unique offering, we therefore believe there is great potential both to achieve high returns for our clients and to create opportunities for innovation in the Gulf regions.” – says Giorgio Medda, Co-Ceo and Global Head of Asset Management of Azimut.
GELLIFY Middle East is open to receiving applications from startups that are relevant both to its target investment portfolio and the one of the upcoming Azimut GELLIFY MENA VC Fund.