OurCrowd becomes first Israeli VC to operate in ADGM
OurCrowd, Israel’s most active venture firm, has been approved and licensed by Abu Dhabi Global Market (ADGM) to operate in the UAE, making it the first-ever Israeli venture capital firm to obtain licensed status with ADGM. OurCrowd Arabia, headed by Dr. Sabah al-Binali, as Senior Executive Officer and Executive Chairman, will operate as a fund manager regulated by the ADGM’s Financial Services Regulatory Authority.
Dr. Sabah al-Binali said, “The welcome recognition by the Abu Dhabi regulatory authorities will enable us to create venture funds based at ADGM to invest in technology startups and projects in the UAE and across the region. Our core focus in the initial stage will be on the agricultural, financial and medical technology sectors.”
CEO and Founder of OurCrowd, Jon Medved added, “This historic development will not only allow OurCrowd to raise funds in the UAE, but also promote local Emirati and regional startups to our 160,000 global investors and drive international investments into the UAE's dynamic startup ecosystem. This is a major step toward developing OurCrowd’s business in the UAE and demonstrates our long-term commitment to the Gulf region.”
With 160,000 accredited investors from more than 195 countries, OurCrowd provides investors with access to quality venture capital investment opportunities. OurCrowd has invested in over 280 companies and 30 funds. OurCrowd’s expansion in MENA parallels its continued global expansion. OurCrowd recently announced that SoftBank Vision Fund 2 has taken a $25 million convertible equity stake in the firm.