Entrée Capital invests around $15 million in UAE startups
Over the past year, the fund invested in four startups that solve problems in the fields of insurtech (Hala), fintech (Tarabut), and two additional companies that have yet to be revealed
The fund’s latest investment in the UAE was in an Emirati insurtech company from Abu Dhabi, Hala, which raised $5 million in a round led by Entrée, along with the participation of investment company Mubadala, and the funds 500 Startups, Global Founder Capital, EQ2, and Oryx. Mubadala is the Emirati sovereign wealth fund, which also invests alongside Entrée in Europe. Hala was founded in 2018 by brothers Whalid Daniel and Karim Dib to coordinate payments between car insurance companies in the UAE, and are a digital insurtech company.
An additional company that Entrée has invested in is Tarabut, the largest and first open banking platform in the Middle East and North Africa (MENA), which connects a regional network of banks and fintech companies through an application programming interface (API). Tarabut is headquartered in Bahrain. The other two companies that Entree has invested in have yet to be revealed.“There are a lot of startups that solve problems in the Middle East,” Aviad Eyal, co-founder and Managing Partner at Entrée Capital told Calcalist. “What is happening now also happened in Germany, where investors copied from the U.S. They saw what worked in the United States, and tried to bring it to the Middle East. Over the past few years, there are also plenty of young locals who returned to the UAE after completing their studies abroad at leading universities. They’re a new generation of entrepreneurs and managers who are replacing the previous generations of British and American managers.”