Gulf countries are home to some of the world’s richest sovereign wealth funds and best-capitalised CVCs. Despite that, funding from the region into European tech halved in 2024, down 51% to $1.7bn, according to Dealroom.
Back in 2021 and 2022, investors like Aramco Ventures — the CVC arm of state oil company Saudi Aramco — and Mubadala Capital — which invests the sovereign wealth of Abu Dhabi — went on a deal-making spree, backing 10s of European companies each year.
Even after wider tech investment had cooled, in 2023, Aramco and Mubadala continued to double down on Europe, backing 17 and 13 companies respectively, according to Dealroom. Deals dropped off in 2024, however, with the two backing just five each.
So which investors did crack out the cheque book in 2024? Here are the Gulf investors that backed the most European tech companies last year, according to Sifted data. It's a list featuring a whole load of crypto:
1/ Cypher Capital
HQ: Dubai, UAE
Deal count in Europe in the past year: 6
Notable investments: Crypto startups bitsCrunch and Hivello
Cypher Capital is a multi-stage VC which specialises in crypto investments.
2/ Mubadala
HQ: Abu Dhabi, UAE
Deal count in Europe in the past year: 5
Notable investments: Speedy grocery companies Getir and Flink
Mubadala Capital, which has $302bn in assets under management, invests across several asset classes and geographies, including private equity and VC. On the VC side of things, Mubadala Capital invests globally into early-stage and early-growth companies across all sectors.
3/ Aramco Ventures
HQ: Abu Dhabi, UAE
Deal count in Europe in the past year: 5
Notable investments: Climate techs Parallel Carbon and Dendra Systems
Aramco Ventures is the venture capital arm of the state-owned Saudi Arabian oil and gas giant Aramco. It invests from early to growth stages in businesses that have strategic value for the company. In January 2024, Aramco announced a fresh $4bn for the CVC to invest.
4/ Zephyrus Capital
HQ: Dubai, UAE
Deal count in Europe in the past year: 3
Notable investments: Metaverse startup Metropolis World, AI startup Privasea
Zephyrus Capital invests in early stage companies, with a focus on crypto.
5/ Qatar Investment Authority
HQ: Doha, Qatar
Deal count in Europe in the past year: 2
Notable investments: Biotech startups ITM Radiopharma and Bright Peak Therapeutics
Qatar Investment Authority (QIA) is the sovereign wealth fund of the state of Qatar. The fund’s portfolio includes investments in startups spanning healthcare, consumer and industry.
6/ Emirates NBD
HQ: Dubai, UAE
Deal count in Europe in the past year: 2
Notable investments: Crypto startup Zodia Custody and fintech Fibabanka
Emirates NBD is a UAE-based bank, owned by the government of Dubai.
7/ TASARU Mobility Investments
HQ: Riyadh, Saudi
Deal count in Europe in the past year: 2
Notable investments: Chauffeur provider Blacklane and autonomous vehicle developer Project 3 Mobility
TASARU is backed by PIF, Saudi’s sovereign wealth fund, and invests in automotive and mobility companies.
8/ VentureSouq
HQ: Dubai, UAE
Deal count in Europe in the past year: 1
Notable investments: Crypto startup Wisdomise
VentureSouq is a Dubai-based VC with a particular focus on fintech and climate tech.
9/ Investcorp
HQ: Manama, Bahrain
Deal count in Europe in the past year: 1
Notable investments: Fintech Ageras
Investcorp is a long-established investor with various strategies spanning private equity, real estate, infrastructure and credit management. Within private equity, it backs companies globally and has a team dedicated to growing European tech businesses.
It was reported last year that Investcorp had raised a $750m climate fund with anchor investing from Bahrain sovereign wealth fund Mumtalakat Holding Co.
10/ Newtribe Capital
HQ: Dubai, UAE
Deal count in Europe in the past year: 1
Notable investments: Crypto startup BonusBlock
Dubai-based Newtribe specialises in early stage investments into Web3 and blockchain startups.
