GITEX 2021: Azimut and GELLIFY announce $500m VC fund – ITP.net

GITEX 2021: Azimut and GELLIFY announce $500m VC fund – ITP.net

Azimut (ME) Limited ADGM, part of Azimut, a leading asset management group, in partnership with GELLIFY Middle East, an innovation platform, launched a MENA-focused VC Fund aiming at raising $50 million capital.

The new VC Fund will focus on B2B startups in the Middle East and North Africa (MENA) region. 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.

“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 the MENA region and will create a robust and thriving innovation ecosystem,” said Massimo Cannizzo, CEO and co-founder, GELLIFY Middle East.