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Abu Dhabi-listed Agility Global will invest in a fund that will extend capital to young businesses in the Middle East and Africa (MEA).
The company’s corporate venture capital arm, Agility Ventures, will allocate the investment to Fund III, a new fund managed by Dubai-based Global Ventures, a venture capital (VC) firm that specialises in growth-stage emerging markets investing in MEA, according to a statement.
The fund is strategically aligned with industries poised for technological transformation in emerging markets over the next ten years, according to Noor Sweid, Founder and Managing Partner at Global Ventures.
The new fund was established earlier this year to support start-ups in supply chain technology, energy technology and agri-tech.
The company, which has a portfolio of diversified assets including aviation services firm Menzies Aviation and global fuel logistics business Tristar, did not disclose the value of the investment.
Global Ventures manages three funds, all of which target innovation companies in MEA. Its first fund, launched in 2018, is aimed at supporting fintech, while the second fund, launched in 2022, is focused on investments in health tech and digital health innovation.
(Writing by Cleofe Maceda; editing by Seban Scaria)
