Scalo Technologies shifts HQ to UAE, to invest $100M in MENA startups
The decision to move headquarters was due to high business activity in Dubai, growth in the economy and strong government initiatives.
Singapore-based VC firm Scalo Technologies has shifted its headquarters to Dubai. It has announced an investment of $100 million in MENA startups over the next three to five years.
The decision to move headquarters is an attempt to identify and guide startups in the region that have the potential to enter global markets, as per a press release carried out by Wamda.
Set up in Singapore in 2020, Scalo sees Dubai as the perfect international hub to drive its plans in the tech and gaming sectors.
The VC firm chose to base its operations in Dubai due to the high business activity in the region, growth in the economy, and strong government initiatives for entrepreneurs and professionals from across the globe.
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Abdumalik Mirakhmedov, Director and Co-founder of Scalo Technologies, believes that the move would help them connect with global startups and also meet UAE-based and MENA-based founders, especially those who are involved with cloud-based AI products and gaming companies.
Some of Scalo's investments in the past include online cloud render farm Megarender.com and Voctiv, a deeptech company that helps businesses worldwide to build fully autonomous AI-powered contact centres.
Its pipeline for 2023 includes game developing and publishing companies, fintech apps, B2B tech, and AI companies.
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Edited by Megha Reddy
