Crowdfunding platform OurCrowd, which has now become Israel’s most active venture firm, today announced that it is expanding its operations in Abu Dhabi by launching a new office and AI tech hub — enabled by the Abu Dhabi Investment Office — in the emirate. In total, OurCrowd plans to invest $60 million as part of this move.
It’s only been a bit over two years since Israel and the United Arab Emirates normalized their diplomatic ties, but OurCrowd was among the first to apply for a license to operate in the emirate. OurCrowd Arabia opened in Abu Dhabi in 2021 and its new investment center in the country will manage its deals there and also cater to its investors in the emerging market. In total, the firm expects to have a staff of 60 in the emirate.
“Following a global search for the most suitable location for IDI and OurCrowd’s new investment center, Abu Dhabi was by far the most fitting destination,” OurCrowd CEO and founder Jon Medved said. “The World Economic Forum ranks the UAE first in the world in best e-infrastructure and macroeconomic stability, and the third most-trusted government. These factors, with numerous other advantages including global talent and market access, underscore why Abu Dhabi is now home to OurCrowd Arabia and OurCrowd’s new AI spinoff, and why we will continue to invest in the innovation infrastructure and talent in the country.”
Earlier this month, OurCrowd celebrated that its total investment commitments had crossed $2 billion, just over three years after it hit $1 billion. The firm has now invested in 370 companies, with another 410 held through partner funds. It has seen 60 exits so far and currently plays host to about 220,000 registered investors from 195 countries.
Israel’s OurCrowd expands to Abu Dhabi by Frederic Lardinois originally published on TechCrunch
