• The Italian management group Azimut (ME) Limited ADGM, in partnership with GELLIFY Middle East is launching a VC fund targeting a fund size of $50 million.
• The new VC fund will focus on B2B startups in Mena at various stages to help them create disruptive innovation in the areas of smart city, healthcare, digital commerce, fintech, Industry 4.0 and tourism using advanced technologies.
• In 2019, Azimut and GELLIFY similarly raised $75.79 million for the Digitech Fund, a VC strategy focusing on European startups and carrying a degree of global diversification.

Press release

Azimut (ME) Limited ADGM, part of Azimut, a leading asset management group, in partnership with GELLIFY Middle East, an innovation platform, is launching a Mena-focused VC Fund aiming at raising $50 million capital.

The new VC Fund will focus on B2B startups in the Middle East and North Africa (MENA) region. It will target a range of startups—from seed-stage startups, market phase startups to those ready to scale up. These startups will have the potential to create disruptive innovation in the areas of Smart City, healthcare, digital commerce, fintech, Industry 4.0 and tourism with the use of the most advanced technologies like AI, IoT, blockchain and cyber security.

“We aim to replicate our experience in Europe where we have made successful exits and, in the process, enhance the innovation capacity of the region. We believe that our unique ability to connect vetted innovative technology startups and corporates is aligned to the Middle East’s goal of becoming a digital innovation engine of the Mena region and will create a robust and thriving innovation ecosystem,” says Massimo Cannizzo, CEO and co-founder of GELLIFY Middle East.

The GELLIFY business platform supports startups from the stage of ideas (“Air” state) to the launch of a Minimum Viable Product (MVP) into the market (“Liquid” state), up until the startup is ready to do a successful scale-up and growth (“Solid’ state). This is the proprietary process they call GELLIFICATION.

In 2019, Azimut and GELLIFY similarly raised €65 million ($75.79 million) for the Digitech Fund—a VC strategy predominantly focusing on European startups and carrying a degree of global diversification. As both partners have established their presence in the region, they have been co-investing in the Middle East. In June 2021, the Azimut GELLIFY Digitech Fund invested in Workfam (amount undisclosed) — a UAE-based employee SaaS platform company— to help it scale up, leveraging the GELLIFY global ecosystem.

“The Middle East governments are committed to innovation and have successfully taken steps to make their economies more digital. Together with GELLIFY’s unique offerings, we, therefore, see great potential for both high returns for investors and creating innovative opportunities in the GCC,” says Maroun Jalkh, Chief Executive Officer of Azimut (ME) Limited

GELLIFY Middle East is open to receiving applications from startups that are relevant to the target investment portfolio of the upcoming Azimut GELLIFY Mena VC Fund.