By: NoCamels Team
Israel’s most active venture firm, OurCrowd, announced its approval and licensing by Abu Dhabi Global Market (ADGM) this past week, becoming the first-ever Israeli venture capital firm to obtain ADGM licensed status.
OurCrowd Management (Arabia) Limited (OurCrowd Arabia) will operate as a fund manager regulated by the ADGM’s Financial Services Regulatory Authority.
OurCrowd Arabia in ADGM’s establishment was announced during a panel at the fifth edition of ADGM’s Fintech Abu Dhabi Festival, held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice President of the Abu Dhabi Executive Council.
“This historic development, a fruit of the Abraham Accords, 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,” said OurCrowd founder and CEO, Jon Medved.
Dr. Sabah al-Binali, OurCrowd’s UAE-based venture partner, appointed Senior Executive Officer and Executive Chairman of OurCrowd Arabia, 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.”
In October, Pitchbook, a global financial data and software company that produces the PitchBook Platform, announced its list of top VC investors in Israel with OurCrowd filling the top spot for the ninth year in a row. The company has invested in more than 280 firms and 30 funds. The news of OurCrowd’s latest expansion follows the recent announcement that SoftBank, the world’s largest venture player, invested $25 million in the Israeli firm through its Vision Fund 2, for an undisclosed stake.
The annual OurCrowd Global Investor Summit, which will take place on May 25, 2022, in Jerusalem, is expected to draw hundreds of investors, entrepreneurs, and other major business figures from the UAE and other Gulf countries, reflecting OurCrowd’s leadership in regional cooperation amid the historic growth of commercial ties between Israel and its neighbors.
This article originally appeared on the NoCamels.com web site. Link to article: https://nocamels.com/2021/11/our-crowd-israeli-vc-abu-dhabi-global-market/