Azimut and GELLIFY launch $ 50 million venture capital fund for MENA region from Abu Dhabi


Dubai: Azimut (ME) Limited ADGM, a subsidiary of Azimut, a leading asset management group, in partnership with GELLIFY Middle East, an innovation platform, launches a venture capital fund focused on the MENA region aimed at raising $ 50 million in capital.

The new VC Fund will focus on B2B startups in the Middle East and North Africa (MENA) region. It will target a range of startups, from early stage startups, from market phase startups to those ready to expand. These startups will have the potential to create disruptive innovation in the fields of smart city, health, digital commerce, fintech, industry 4.0 and tourism with the use of the most advanced technologies such as ‘AI, IoT, blockchain and cybersecurity.

The GELLIFY commercial platform supports startups from the idea stage (“Air” state) until the launch of a minimum viable product (MVP) on the market (“Liquid” state), until the startup be ready for successful scale-up and growth (“solid” state). This is the proprietary process they call GELLIFICATION.

In 2019, Azimut and GELLIFY also raised 65 million euros for the Digitech fund, a venture capital strategy mainly focused on European startups and with a certain global diversification. As both partners have established their presence in the region, they have co-invested in the Middle East. In June 2021, the Azimut GELLIFY Digitech fund invested in Workfam (undisclosed amount) – a United Arab Emirates-based SaaS platform company – to help it grow, leveraging the global GELLIFY ecosystem.

“Governments in the Middle East are determined to innovate and have taken successful steps to make their economies more digital. With GELLIFY’s unique offerings, therefore, we see great potential both for high returns for investors and for creating innovation opportunities in the GCC, ”said Maroun Jalkh, CEO of Azimut (ME) Limited.

GELLIFY Middle East is open to receiving applications from startups relevant to the target investment portfolio of the upcoming Azimut GELLIFY MENA VC Fund.



GELLIFY is an innovation platform that connects high-tech B2B startups with traditional companies to innovate their processes, products and business models. With its head office in Italy and offices in Spain and the United Arab Emirates, the company’s success rests on its unique model which infuses businesses with the most advanced B2B start-up technologies and GELLIFY expertise. The platform supports startups from their embryonic “gaseous” or “liquid” state to a reliable and scalable “solid” state thanks to its exclusive and proprietary growth program, GELLIFICATION. This growth is financed by smart investments implemented by GELLIFY and its co-investors.

GELLIFY has also created a community called EXPLORE where entrepreneurs, innovators and professionals can connect on any digital device. Thanks to the app, which can be downloaded from the App Store and the Google Play Store, subscribers can live phygital experiences that alternate between the physical and digital world, participate in events and infuse their businesses with the most advanced start-up technologies. and GELLIFY skills.

GELLIFY is made up of 3 business units:

– GELLIFY for Startups, dedicated to the gelation of startups that have already expressed their appeal on the market. The gelation program provides more complex services than the basic mentoring and business start-up services typical of incubators. It lasts from 6 to 24 months and concerns all areas of the company.

– GELLIFY for Companies, which focuses on open innovation services for SMEs and large companies that wish to build new innovative business channels. This division specializes in business, innovation strategies, digitalization of sales and marketing, Industry 4.0 and digital operations, digitization and workforce empowerment.

– GELLIFY for Investors, which provides investment advisory services and manages a GELLIFY investment fund for a selection of innovative B2B technology startups.

GELLIFY partners for 2021 include tax consultancy firm Pirola Pennuto Zei & Associati with partner Stefano Tronconi and associate partner Luca Neri; the law firm Gianni & Origoni with the partner Federico Dettori and the partner Rodrigo Boccioletti, within the framework of the activities of the firm Gop4Venture; and TT Tecnosistemi, a company specializing in advanced IT solutions.

GELLIFY Contacts
PR contact:
Mukesh Dua
Mob: +971551072139

About Azimut

Azimut is a European leader in independent asset management (active since 1989). The parent company Azimut Holding was listed on the Italian stock exchange on July 7, 2004 (AZM.MI) and is, among others, a member of the main Italian index FTSE MIB. The shareholders include more than 1,900 managers, employees and financial advisers bound by a shareholders’ agreement which controls more than 21.8% of the company. The rest is floating. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with head offices mainly in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Egypt, Singapore, Mexico, Australia, Chile, United States, United Arab Emirates and Turkey. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as a discretionary management activity of individual investment portfolios. In addition, Azimut Capital Management SGR, following the demerger by incorporation of Azimut Consulenza SIM, distributes the products of the Group and of third parties in Italy via a network of financial advisers while Azimut Libera Impresa focuses on the Alternatives activity. The main operations abroad are Azimut Investments (founded in Luxembourg in 1999), which manages the multi-strategy funds AZ Fund 1 and AZ Multi Asset and the Irish Azimut Life DAC, which offers life insurance products.

Contacts Azimut Holding SpA
Media relations
Maria Laura Sisti (Esclapon & Cie)
Crowd. +39 347 42 82 170
E-mail: [email protected]
Viviana Merotto
Phone. +39 02 8898 5026
E-mail: [email protected][email protected]

© Press release 2021


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