A $300 million tech fund was announced on Wednesday between the Turkiye Wealth Fund (TWF) and Abu Dhabi Developmental Holding Company PJSC (ADQ).
Aiming to grow Turkey’s technology ecosystem, the fund is “the first step for the TWF in its vision to establish a broader $1bn technology platform, the Turkiye Technology Fund (TTF),” said a press release by the TWF.
The TTF is designed to accelerate the growth of the Turkish technology ecosystem by deepening access to venture capital through dedicated funds, investing in disruptive technologies to drive growth in the TWF’s traditional portfolio, and advancing strategic technological investments in sectors critical to Turkey’s development, said the statement.
A venture capital fund and fund of funds will first be established by the TWF-ADQ tech fund.
The goal of the fund of funds will be to augment the capital available to the existing Turkish venture capital fund universe, while the venture capital fund will increase funding for the Turkish startup ecosystem.
The fund also aims to provide the opportunity to form partnerships with other institutional investors while supporting seed, later stage, growth equity, and larger-sized venture capital investments.
Arda Ermut, the CEO of the TWF, said: “Compared to similar funds in Turkiye, the Turkiye 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.”
For the ADQ, CEO Mohamed Hassan Alsuwaidi stressed that Turkey is “an attractive market with substantial opportunities for investing in vital sectors that align with our areas of expertise.”
Source: AA
