A European venture capital investor deepens its cooperation with the UAE tech ecosystem as a signal of the region’s rising importance.
Target Global plans to expand its presence into the UAE with the establishment of an official presence in the Abu Dhabi Global Market (ADGM). It 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 Peter Roos as COO. 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. 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. Recently, Target helped fintech champion Rapyd open its first offices in the Middle East through its expansion to Dubai.
“The growth trajectory and plenitude of opportunities that the UAE offers entrepreneurs is unparalleled. 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,” said Shmuel Chafets, Co-founder, Target Global.
Arvind Ramamurthy, Chief Market Development Officer, ADGM said, “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.”
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.
