Leading European venture capital investor deepens its cooperation with the UAE tech ecosystem as a signal of the region’s rising importance
Target Global, one the leading technology investment firms in Europe and Israel with €3 billion in assets under management and 15 unicorns in its portfolio plans to expand its presence into the UAE with the establishment of an official presence in the Abu Dhabi Global Market (ADGM).
Target Global has backed some of the world’s most innovative and transformational companies across the fintech, health-tech and consumer industries. These include Rapyd, Wefox, Delivery Hero as well as numerous other unicorns and soonicorns.
Target Global’s activities in the region will be led by COO Peter Roos. Peter has lived in the Emirates for almost a decade and has spent the past three years growing Target Global’s local presence and contributing to the growth of the broader tech ecosystem.
ADGM presents an attractive value proposition for investment funds looking to back UAE-based start-ups given their exceptional infrastructure, regulatory frameworks, and local government. Target Global was particularly attracted to ADGM as a financial free zone designed to support companies operating at the crossroads of finance and technology, two areas of key focus for Target. Moreover, Target Global will work in close partnership with Hub 71, which enables founders to build on a global scale through a robust network of strategic partners.
Over the past few years, Target Global has been a key contributor to the evolution of the UAE start-up ecosystem which included early investments in Fresha, which is one of the leading companies to emerge from the country and a sector leader in the beauty industry and Tarabut Gateway, the MENA region’s first and largest open banking platform with offices in both Abu Dhabi and Dubai.
Most recently, Target helped fintech champion Rapyd open its first offices in the Middle East through its expansion to Dubai. As a further initiative to contribute to the maturation of the local ecosystem, last October, the investment firm led its first Founders Delegation in the UAE. This involved bringing the leadership teams of Target’s leading portfolio companies to a two-day immersion program to meet the key figureheads of the Emirates and experience its dynamic investment and financial landscape first-hand.
“The growth trajectory and plenitude of opportunities that the UAE offers entrepreneurs is unparalleled,” said Shmuel Chafets, Target Global’s Co-founder. “We believe that the government’s forward-thinking strategy and the country’s impressive infrastructure and regulatory framework will continue to attract many world-class businesses to the region, and we are proud to contribute to the growth and development of this vital ecosystem by planting roots.”
Arvind Ramamurthy, Chief Market Development Officer at ADGM said, “We are pleased that a firm like Target Global, Israel’s largest VC firm plans to expand its presence into Abu Dhabi and ADGM’s rapidly growing ecosystem. As an IFC, ADGM offers asset management companies varied commercial opportunities within a vibrant ecosystem that houses a supportive regulatory regime and state-of-the-art digital infrastructure. The establishment of VCs like Target Global in ADGM builds confidence for more asset management firms will follow suit and choose Abu Dhabi as their regional home to expand their business operations, especially with its ideal geographical location and amiable tax and legal environment. As always, ADGM is committed to strengthening the growth of Abu Dhabi and the UAE as a financial hub with a thriving global footprint.”
