ADQ and Turkey Wealth Fund launch a $300 million venture capital fund

ABU DHABI-ADQ, an Abu Dhabi-based investment and holding company, and Turkey Wealth Fund (TWF) today launched Turkey Technology Fund – ADQ TWF, which will invest in venture capital funds and companies in strong growth potential in Turkey.

Leveraging the UAE platform to support strategic investments in Turkey, the new fund was launched by Mohamed Hassan Al Suwaidi, Managing Director and CEO of ADQ, and Arda Ermut, CEO and Member of the Board of TWF.

The ADQ and TWF established the fund to undertake investments in high-growth Turkish start-ups with innovative business models. Turkey Technology Fund – ADQ TWF will invest in companies developing emerging technologies or improving existing technologies in important sectors such as energy and utilities, health and life sciences, food and agriculture, mobility and logistics, financial services and education.

On this occasion, Al Suwaidi commented: “The launch of the Turkey Technology Fund – ADQ TWF builds on the broader commitment to invest in Turkey’s future growth that we ended 2021 as the UAE and Turkey continue to advance bilateral trade and investment.

Turkey is an attractive market with substantial investment opportunities in vital sectors that match our areas of expertise. By providing access to national and regional champions in our portfolio, we will help unlock even more value for these high-growth potential companies and funds.”

On his part, Arda Ermut said: “Turkey has seen significant growth in its tech ecosystem over the past few years. We believe that Turkey Technology Fund – ADQ TWF will give ADQ and TWF access to a pipeline of attractive investment opportunities specializing in next-generation technologies that will contribute to the strategic growth of the Turkish economy and ultimately will strengthen bilateral cooperation between our two nations.”

“This fund marks the first step taken by TWF in its vision to build a broader US$1 billion technology platform, to become the benchmark technology fund accelerating technology growth in Turkey and driving the growth in strategic technology sectors critical to Turkey’s development. to similar funds in Turkey, the Turkey Technology Fund will create unique added value for our country with its volume and scale of international direct investments and the multiplier effect it will provide for other technology investments.”

At the end of 2021, Turkey’s venture capital ecosystem reached its highest level of quarterly, half-yearly and annual capital ever raised by local start-ups, which also accounted for 30% of all completed venture capital deals and more. half of all capital deployed in the start-up. -ups across the Middle East and North Africa (MENA), Turkey and Pakistan.

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