The VC firm aims to enable the expansion of one-third of the startups in its portfolio into the Middle East.
8X Ventures, a VC firm headquartered in Dubai, has announced that it plans to deploy $20 million in climate tech and cleantech startups in the MENA region.
Founded in 2021 by Chirag Gupta, Esha Arya, Ajay Singh Rajput and Vinod Agarwal, 8X Ventures aims to support the growth of deep tech startups that focus on AI, robotics, big data and IoT in order to create sustainable value and drive green solutions in the region. Their mission statement is in alignment with the GCC’s attempts to diversify its economy and move away from fossil fuels.
By deploying $20 million, the VC firm hopes to enable the expansion of one-third of the startups in its portfolio into the Middle East. Their goal is to support five startups to operate in the region by 2024.
Since its launch, the VC firm has made 12 investments in deep tech startups in India, Singapore and the UK. Besides funding, 8X Venture provides strategic guidance to startups and helps them connect with other investors and stakeholders.