Raiven Capital Unveils Third Hub and New Fund in Dubai to Empower Next-Generation Start-ups, Bridging the Gap Between the Region and the World

08 Nov, 2023

Raiven Capital Unveils Third Hub and New Fund in Dubai to Empower Next-Generation Start-ups, Bridging the Gap Between the Region and the World

Raiven Capital has made a significant announcement today by unveiling a new venture capital fund worth USD 125 million in the Dubai International Financial Centre (DIFC). Situated in the heart of the Middle East, Africa, and South Asia (MEASA) region, DIFC stands as a global financial hub.

The newly established fund is dedicated to supporting founders and entrepreneurs who are pioneering technologies in areas such as Artificial Intelligence (AI), Internet of Things (IoT), and Distributed Ledger Tech. It places particular emphasis on digital platforms that are poised to disrupt value chains in sectors like finance, energy, health, environment, and food.

General Partner at Raiven Capital, Paul Dugsin, expressed enthusiasm for the fund's mission, stating, "Investing in innovation in early and growth-stage tech companies in GCC, South Asia, and North/East Africa and enabling them to blossom into leaders by connecting them to markets and capital in Europe and North America, via Raiven's new Dubai hub, is what we are most excited about. The fund will serve the needs of the local startup ecosystem, enabling them to become regional and global competitors while providing Raiven's existing community of start-ups and investors access to all advantages of the Middle East and the broader region."

Arif Amiri, Chief Executive Officer of DIFC Authority, welcomed Raiven Capital to DIFC and highlighted the importance of nurturing early and growth-stage AI, IoT, and distributed ledger tech startups. He emphasized that this new venture capital fund signifies strong confidence in Dubai's economy and its entrepreneurial ecosystem. Raiven's presence in DIFC not only benefits the local startup community but also provides the global network of founders and partners with access to abundant resources in the MEASA region and beyond.

Supreet Manchanda, General Partner at Raiven Capital, acknowledged the fervor surrounding Dubai's growing ecosystem and the opportunities it presents. He expressed the firm's eagerness to engage with the dynamic and innovative community in Dubai and DIFC, emphasizing the promising future ahead.

A notable development is the establishment of bridges between Raiven Capital's home country, Canada, and Dubai. Tracy Reynolds, Canada's Consul General in Dubai, expressed excitement about Raiven Capital's pioneering role, stating, "We are thrilled that Raiven Capital, a Canadian venture capital fund, is the first of its kind to obtain a license to operate in DIFC in Dubai. Raiven has ambitious plans for the region, connecting Canada, the UAE, Silicon Valley, and other high-growth tech ecosystems."

The tech industry in the UAE and the broader region has experienced substantial growth recently. However, the pace of funding has struggled to keep up with the rapid technological advancements. This has drawn the attention of global technology companies and international venture capitalists to the region. Raiven's fund is set to further accelerate the growth of the venture ecosystem to meet the rising demand.

In Q3 of 2023, MENA venture capital funding witnessed significant growth, with USD 250 million raised across 78 deals, marking a 32% increase compared to Q2 of 2023, as reported in MAGNiTT's MENA Venture Investment Premium Report.

About Raiven Capital:

Raiven Capital is a global technology venture fund with its roots in Silicon Valley and Toronto. The fund focuses on cutting-edge technologies, including Artificial Intelligence, Distributed Ledger Tech, and Internet of Things. Raiven actively seeks out founders and companies that are optimizing value chains across various sectors, including cybersecurity, finance, energy, health, environment, and food.