Abu Dhabi’s ADQ, an investment and holding company, and Turkey Wealth Fund (TWF) launched a $300 million venture capital fund ‘Turkey Technology Fund’.
Turkey Technology Fund – ADQ TWF will invest in companies developing emerging technologies or improving existing ones in key sectors such as energy and utilities, healthcare and life sciences, food and agriculture, mobility and logistics, financial services, and education, official news agency WAM reported.
Mohamed Hassan Al Suwaidi, managing director and chief executive officer of ADQ, said, “Launching Turkey Technology Fund – ADQ TWF builds on the broader commitment to investing in the future growth of Turkey we made in late 2021 as the UAE and Turkey continue to advance bilateral trade and investment. Turkey is an attractive market with substantial opportunities for investing in vital sectors that align with our areas of expertise. By providing access to the national and regional champions in our portfolio, we will help to unlock even greater value for these companies and funds with high-growth potential.”
“Turkey has grown significantly in its technology ecosystem over the last few years. We believe Turkey Technology Fund – ADQ TWF will give ADQ and TWF access to a pipeline of compelling investment opportunities specialized in next-generation technologies that will contribute to the strategic growth of Turkey’s economy and ultimately reinforce bilateral cooperation between both our nations,” added Arda Ermut, chief executive officer and board member of TWF.
“This fund marks the first step taken by the TWF as part of its vision to build a broader $1bn technology platform, to become the reference technology fund accelerating technological growth in Turkey and driving growth in strategic technological sectors critical to Turkey’s development.”
In late 2021, the Turkish VC ecosystem reached its highest ever quarterly, half-yearly and yearly level of capital raised by local startups – this accounted for 30 percent of all VC transactions closed and more than half of all capital deployed into startups across the Middle East and North Africa (MENA), Turkey, and Pakistan, a statement said.
This fund is in link to the announcement made by UAE that it would generate a $10 billion investment fund in Turkey, focusing on strategic investments across various sectors such as logistics, energy, health, and food.
