Bupa Arabia has agreed to become a strategic partner and investor of UAE-based venture capital firm Global Ventures, as part of the company’s Global Venture Fund II.
The healthcare provider will make a monetary contribution to the fund, which aims to provide investment for start-up companies across the Middle East and Africa region in sectors such as digital healthcare, education, agricultural and financial technologies.
Bupa Arabia’s investment is part of a wider company strategy to support new healthcare and insurance technologies in the region, alongside other targeted growth sectors.
Alongside Bupa Arabia, other major investors included Saudi Venture Capital. Sixty per cent of the investors for the fund were also from the US.
In an interview with Reuters, Global Venture’s General Partner Noor Sweid said that the fund has nearly meeting its target of raising US$100 million. The company has reportedly already made investments in 18 companies through the fund and could invest in up to a total of 30.
Sweid also said: “Global Ventures’ Fund I has been a great success, and we are delighted to welcome Bupa Arabia to Fund II, and also join us in a deeper, strategic partnership. Bupa Arabia shares our outlook and ambition on the Digital Health sector, and its potential for technology and innovation to deliver long-term economic benefits particularly in emerging markets.”