Abu Dhabi – Mubasher: The Abu Dhabi Financial Group (ADFG) on Monday launched an AED 367 million ($100 million) investment fund to finance start-ups and creative ideas at Krypto Labs, a global business incubator.

“Krypto Labs is an incubator of innovative ideas, and Abu Dhabi Financial Group is the financing and investment arm for this accelerator,” Jassim Alseddiqi, ADFG CEO told Al Khaleej newspaper.

“We will launch a $100 million venture capital fund to support the unique business proposals of early-stage start-ups,” the top official added, according to Al Khaleej.

Alseddiqi acknowledged the cooperation with Masdar City, noting that the fund is not non-profit and dedicated to technological ideas, Al Khaleej reported.

Krypto Labs is a global business incubator located in Abu Dhabi on a 2,600-square-metre and incorporates up to 300 start-ups.

Focusing on the financial services and real estate sectors, ADFG has over $5 billion in assets under its management.