TURN8 Forms a New Ven­ture Cap­i­tal Fund

Arabnet - The Quarterly - - Industry Stories -

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.

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