US Firm to Invest $50M in MENA Climate Tech Initiatives

17 Jun, 2024

US Firm to Invest $50M in MENA Climate Tech Initiatives

A US venture capital firm, backed by Hollywood actor Leonardo DiCaprio, plans to invest $50 million in MENA climate tech startups over the next five years. Princeville Capital targets mature startups with strong growth potential, aiming for quick exits and a clear path to profitability, according to co-founder Joaquin Rodriguez Torres. The firm recently opened an office in Abu Dhabi, a region Torres highlighted for its focus on climate tech and ecosystem development.

DiCaprio, an Oscar-winning actor and environmentalist, joined Princeville’s climate tech division as a senior advisor in 2019, also investing some of his personal fortune. Since 2015, Princeville has been active in the sector, with experience in 85 public listings and over 200 mergers and acquisitions. Notably, in 2021, Princeville’s global tech investment division raised $1.5 billion for Turkish e-commerce platform Trendyol, alongside investors like the Qatar Investment Authority and General Atlantic.

Torres emphasized the growth of the UAE stock market and government initiatives aimed at facilitating public listings as crucial factors for VC investment. However, he noted that the availability of capital beyond the early stage remains a concern, a sentiment echoed by Farah el Nahlawi of Magnitt, who highlighted the limited number of late-stage VC deals in early 2024.