TURN8 Forms a New Venture Capital Fund
Dubai-based TURN8 has launched a $60 million Venture Capital Fund for technology innovation. It is one of the largest seed capital in the region and is catering to the global startup ecosystem. The TURN8 accelerator launched and invested in over 60 companies including Loadme, an online marketplace for freight exchange, serving the road transportation industry from the Middle East, Kashmi is a peer-to-peer payment service, Pixelbug a technology company that enables brands to go beyond conventional media, and Paack, a company that connects omniretailer stores in major cities. DP World and Innovation360 setup the Turn8 accelerator in 2013. Since then it has provided pre-seed funding to startups in sectors such as digital healthcare, crowdsourcing, Edutech, Fintech, and enterprise cloud solutions and raised over $6 million in co-investment for its portfolio companies from various worldwide investors. DP world was the first anchor investor, with over 20 per cent ownership of the fund.