Abu Dhabi – Mubasher: Agthia Group has launched Agthia Ventures, a corporate venture capital (CVC) fund, at a value of $54 million, equivalent to AED 200 million, according to a press release.
The new entity is developed to expand the UAE group’s capabilities and create mutual value with startups in line with the company’s growth plans to bolster profitability in both new and existing markets.
Funded by the ADX-listed company and Abu Dhabi-based investment and holding firm ADQ, Agthia Ventures will be managed together with Touchdown Ventures, a global leader in establishing and operating bespoke CVC programmes for blue-chip corporates.
Agthia Ventures will design a programme to help key entrepreneurs in food and related industries enlarge their operations and accelerate their product development as well as market adoption.
Meanwhile, the new fund will leverage Touchdown’s extensive network of startups, venture capital relationships, incubators, and accelerators to identify attractive early-stage, seed, and growth investment opportunities.
Alan Smith, Chief Executive of Agthia Group, commented: “Innovation is the lifeblood of Agthia Group and plays a vital role in our strategic vision of being a leading food and beverage company in the MENA region and beyond by 2025.”
Scott Lenet, President and Co-Founder of Touchdown, noted: “We believe entrepreneurs globally will be impressed by the collaborative, supportive culture of Agthia’s team and their capabilities to help a startup grow.”
“Whether through providing expertise and distribution locally in the MENA region, or by working collaboratively in North American and European markets to leverage Agthia’s expertise, the team has a lot to offer to food and beverage innovators,” Lenet added.
In the first quarter (Q1) of 2023, the UAE group’s net profits attributable to the shareholders increased to AED 86.83 million from AED 82.19 million in Q1-22.
