Azimut and Gellify launch a $50m VC fund to support MENA startups

Azimut and Gellify launch a $50m VC fund to support MENA startups

Azimut Abu Dhabi, a subsidiary of asset management company Azimut, has partnered with Gellify Middle East to launch a $50m venture capital fund to support B2B start-ups in the MENA region. The new VC Fund 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. “We aim to replicate our experience in Europe where we have made successful exits and, in the process, enhance the innovation capacity of the region. We believe that our unique ability to connect vetted innovative technology startups and corporates is aligned to the Middle East’s goal of becoming a digital innovation engine of MENA region and will create a robust and thriving innovation ecosystem,” says Massimo Cannizzo, CEO and co-founder, Gellify Middle East. In 2019, Azimut and Gellify have raised EUR65m for the Digitech Fund – a similar VC strategy predominantly focusing on European startups and carrying a degree of global diversification. As both partners have established their