UAE - Mubasher: Azimut (ME) Limited ADGM, part of the European independent asset manager Azimut, has partnered with Gellify Middle East to launch a MENA-focused VC Fund aiming to secure $50 million capital.

The new VC Fund seeks to enable B2B startups, including seed-stage and market phase startups, in MENA to create innovation across several areas such as  Smart City, healthcare, digital commerce, fintech, Industry 4.0, and tourism, according to a press release on Monday.

Both entities have been co-investing in the Middle East, as in June 2021, the Azimut Gellify Digitech Fund invested in Workfam, a UAE-based employee SaaS platform company, to help its growth.

The CEO and co-founder of Gellify Middle East, Massimo Cannizzo, said: "We believe that our unique ability to connect vetted innovative technology startups and corporates is aligned to the Middle East’s goal of becoming a digital innovation engine of the MENA region and will create a robust and thriving innovation ecosystem."

Meanwhile, the Chief Executive Officer of Azimut (ME) Limited, Maroun Jalkh, commented: "Together with GELLIFY’s unique offerings, we therefore see a great potential for both high returns for investors and creating innovative opportunities in the GCC."