GELLIFY Middle East, an innovation platform, has signed an agreement with a UAE, Dubai Internet City Incubator and enabling startup platform, in5 to enhance its startups ecosystem in Dubai, provide them with GELLIFICATION opportunities, investments and go to market opportunities, nevertheless help large corporations in acquiring startups. The ceremony was held at the biggest technology conference GITEX earlier this week, where the CEO and Co-founder of GELLIFY Middle East, Massimo Cannizzo and Majed Al Suwaidi, Managing Director of Dubai Media City put pen to paper on the MoU.
Massimo Cannizzo, CEO and co-founder of Gellify Middle East, said, “We work with corporates, providing advisory and digital platform implementation. We work with start-ups, providing our Gellification programme, a sort of acceleration but with a specific flavor. We also work with investors because we manage an investment fund.”
Under the terms of the agreement with in5, GELLIFY will regularly screen in5 start-ups and engage with those that fit the GELLIFY profile for potential investments.
Earlier this year, Gellify Middle East and Azimut invested in Workfam, an in5-incubated software-as-a-service start-up. The two parties also announced yesterday that they would be setting up a $50 million (approx. AED 183 million) VC fund targeting B2B tech start-ups in the Middle East.
Al Suwaidi said, “It’s important to highlight the fact that we not only have a relationship with start-ups, but we also serve investors and others within the ecosystem. We’ve recently talked about AED 1.4 billion worth of investment raised by in5 startups, and this is a very important opportunity for investment companies to witness the huge potential we have here.”