(Bloomberg) -- Abu Dhabi is setting up a new $200 million fund to invest in early-stage startups as the oil-rich emirate deepens its push into the technology sector.
Further Ventures, which is anchored by sovereign wealth fund ADQ, will focus on investments in digital assets, fintech and supply chain, it said in a statement.
The new vehicle will partner with founders and provide “capital from pre-seed to growth, product, engineering, design, regulatory support and market access to teams who want to build lasting technology companies.”
ADQ was set up in 2018 and its portfolio contains some of Abu Dhabi’s most strategic assets across energy, transport and food.
Another ADQ-linked investment vehicle, Abu Dhabi Growth Fund, was established last year to invest in private equity, venture capital, hedge funds and public equities. Together with artificial intelligence firm G42 it set up a $10 billion emerging markets tech fund in August.
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