Tech-focused VC investor Target Global has announced it is opening a new office within the Abu Dhabi Global Market free zone in the United Arab Emirates.
Target Global was founded in 2012 and is headquartered in Berlin, Germany. Over the past decade it has invested in several tech unicorns and has expanded to operate out of offices in London, Tel Aviv and Barcelona.
Target Global’s investments span fintech, healthtech and consumer industries, and include companies such as Rapyd, Wefox and Delivery Hero. It has €3bn ($3.25bn) in assets under management and boasts 15 unicorns in its portfolio.
The company has been building its presence. In 2022, it helped fintech platform Rapyd open an office in Dubai, its first in the Middle East. In October 2022, it led a delegation of founders within its portfolio to meet with senior figures in the UAE’s finance sector.
“The growth trajectory and plenitude of opportunities that the UAE offers entrepreneurs is unparalleled,” said Target Global co-founder Shmuel Chafets.
“We believe that the government’s forward-thinking strategy and the country’s impressive infrastructure and regulatory framework will continue to attract many world-class businesses to the region, and we are proud to contribute to the growth and development of this vital ecosystem by planting roots.”
The UAE office will be led by Target Global’s chief operating officer Peter Roos, who will be responsible for building out a team in Abu Dhabi. The company has a total of 40 employees across all of its offices.
Abu Dhabi has clear designs to become a fintech hub, as evidenced by the ambitious Abu Dhabu Finance Week event, which took place at the end of 2022.