TURN8 launches $60 tech venture capital fund
Fund will support startups through accelerator and growth stages
TURN8, the business accelerator launched by DP World and Innovation360, has established a new $60 million venture capital fund focused on technology.
The TURN8 Innovation Fund will support both initial accelerator stage startups and startups that have entered the growth stage.
Kamal Hassan, general partner, TURN8 said: "This strategic move comes from witnessing a major gap in the market for startups to grow from the accelerator stage into full-fledged businesses that attract venture capital. We are very excited to see more startups with different innovative technology rising from the MENA region and this fund will provide a further push to their business.
"The fund will continue to support the startup ecosystem and look for opportunities in technology innovation that match our portfolio requirements and are in line with our strategic objectives," he added.
The new launch will make TURN8 one of the largest providers of seed capital in the region.
TURN8 is a venture fund comprised of a growth accelerator program complemented by a follow-on investment fund. Startup teams in TURN8 are fueled with investment, mentorship, training and year-long business development support. Follow-on investment helps them scale and grow globally.
Since its launch in 2013, TURN8 has launched and invested in over 60 companies till date.