– UAE, Dubai – Bayzat, a Dubai-based startup that is focused on delivering an exceptional employee experience that’s accessible to every small and medium-sized enterprise through a free cloud-based platform, has raised US$16 million in Series B funding from regional and global investors including Mubadala Capital and Point72 Ventures.
The company has now raised a total of US$31 million and plans to use the capital to invest in its technology and customer experience.
It is the first investment announced by the Mubadala Capital direct fund, dedicated to investing in founder-led companies, targeting either enterprise or consumer sectors and have established clear product/market fit. It aims to invest in a portfolio of 15 companies.
Mubadala Capital announced earlier today the launch of its first MENA-focused tech investment funds. With a total of US$250 million, the Mubadala MENA tech funds will capitalize on the growing startup scene in the region while empowering tech talent in the Emirates and across the wider region.
The funds would include a US$150 million “fund of funds” program, which would invest in funds that are committed to supporting the Abu Dhabi-based Hub71 ecosystem, including through investing in companies that leverage Hub71 for regional expansion and growth.
As part of this program, Mubadala also announced that it will commit to three funds as a part of its first funds’ cohort – San Francisco-based Data Collective Venture Capital, DCVC, Middle East Ventures Partners, MEVP, and Global Ventures.
The investment program will also include a further US$100 million fund dedicated to direct investments in early-stage technology companies led by exceptional founders that are committed to being part of the Hub71 ecosystem.
Commenting on the new fund, Ibrahim Ajami, Head of Ventures at Mubadala Capital, said, “After ten years of investing in tech companies around the world, the time has come to leverage the experience and expertise we’ve gained for the benefit of our home market. The MENA funds will drive the economic development of Abu Dhabi by stimulating tech investment activity.”
He added, “There’s a huge amount of untapped potential in the UAE and the wider region and we are on the right path to foster more home-grown innovations, attract exceptional talent and accelerate the evolution of a flourishing tech industry in the Emirate.”
Mubadala Capital’s venture arm builds on Mubadala Investment Company’s decade-long track record of being an active investor in advanced technology. With offices in Abu Dhabi, London and San Francisco, the ventures business has made investments across the value chain of the technology sector, including committing US$15 billion to SoftBank Vision Fund 1.
In the US, the ventures business manages Mubadala Ventures Fund 1, a US$400 million US-focused early-stage venture fund, and a fund of funds program targeting US-based established and emerging managers. In Europe, the team manages a US$ 400 million (AED1.47 billion) fund investing in founders and companies across the continent, as well as a fund of funds program that adheres to a similar strategy as its US counterpart.
Co-founder and managing partner of DCVC Matt Ocko commented, “We already have a deep connection to the UAE through Mubadala, but the creation of the MENA tech funds further cements this partnership. We’re looking forward to supporting local talent and exciting founder-led companies as they drive innovation from Abu Dhabi’s Hub71.”
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.
Comments are closed.