Abu Dhabi investment and holding company ADQ and Turkey Wealth Fund (TWF) today launched a $300 million venture capital fund focused on investing in high-growth potential companies in Turkey.
The Turkey Technology Fund (ADQ TWF) will help deepen the UAE’s investment ties in Turkey by undertaking investments in Turkish start-ups with innovative business models.
“Launching Turkey Technology Fund – ADQ TWF builds on the broader commitment to investing in the future growth of Turkey we made in late 2021 as the UAE and Turkey continue to advance bilateral trade and investment,” said Mohamed Alsuwaidi, managing director and chief executive of ADQ.
“Turkey is an attractive market with substantial opportunities for investing in vital sectors that align with our areas of expertise. By providing access to the national and regional champions in our portfolio, we will help to unlock even greater value for these companies and funds with high-growth potential,” he added.
The fund will invest in companies developing emerging technologies or improving existing technologies in significant sectors such as energy and utilities, healthcare and life sciences, food and agriculture, mobility and logistics, financial services, and education.
“Turkey has grown significantly in its technology ecosystem over the last few years. We believe Turkey Technology Fund – ADQ TWF will give ADQ and TWF access to a pipeline of compelling investment opportunities specialised in next-generation technologies that will contribute to the strategic growth of Turkey’s economy and ultimately reinforce bilateral cooperation between both our nations,” said Arda Ermut, chief executive and board member at TWF.
“This fund marks the first step taken by the TWF as part of its vision to build a broader $1 billion technology platform, to become the reference technology fund accelerating technological growth in Turkey and driving growth in strategic technological sectors critical to Turkey’s development. Compared to similar funds in Turkey, the Turkey Technology Fund will create a unique added value for our country with its volume and international direct investment dimension and the multiplier effect it will provide for other technology investments,” he added.
In late 2021, the Turkish VC ecosystem reached its highest ever quarterly, half-yearly and yearly level of capital raised by local start-ups, which also accounted for 30 percent of all VC transactions closed and more than half of all capital deployed into start-ups across the Middle East and North Africa (MENA), Turkey, and Pakistan.
