Smpl Holdings Announces $10M Venture Fund for MENA Tech and AI Startups

Smpl Holdings Announces $10M Venture Fund for MENA Tech and AI Startups

By Staff Writer, 28 June 2024

Smpl Holdings has introduced a new $10 million venture capital fund, Smpl Fund I, aimed at fostering technology and artificial intelligence startups in the Middle East, North Africa, and beyond. This initiative, announced in a press release, seeks to bolster the tech ecosystem across the region.

Mohammad Abu Sheikh, a founding partner at Smpl, emphasized the UAE's role as a global hub for startups and innovation. He highlighted the country's progressive policies, tax-free environment, advanced tech and civil infrastructure, and strategic location as key factors making it an attractive destination for startups and top global talent.

Abu Sheikh also noted that the UAE's commitment to workplace ethics—focusing on respect, integrity, and social responsibility—along with its dedication to creating a tech-friendly ecosystem, is drawing global AI and tech companies. These attributes, he said, solidify the UAE's position as a global leader in AI adoption. In 2023, the UAE attracted over $2 billion in venture funding for startups, demonstrating significant growth over previous years.

Source: Waya Media

Related Report

Dubai's Venture Capital Ecosystem

There are 749 scale-ups that have raised over US $1 million in fundraising in the Middle East and North Africa region; collectively raising over US $19.5 billion, cumulatively, as of December 2022. Over 40% of these scale-ups call Dubai home.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems