Tech
South Korean VC Hashed Ventures expands to Abu Dhabi
Hashed Ventures, a South Korean venture capital firm, has partnered with Abu Dhabi tech ecosystem Hub71 to explore investment opportunities in the growing tech and crypto sectors of the Middle East and North Africa (MENA), Bloomberg reported.
The Seoul-based firm, which manages assets worth around $700 million, aims to leverage Abu Dhabi’s strategic location and Hub71’s resources to expand its portfolio companies and attract South Korean tech startups to the United Arab Emirates (UAE).
The partnership with Hub71, a state-backed technology incubator, will provide Hashed Ventures with access to funding, mentorship and market opportunities in the MENA region.
CEO Simon Seo-Joon Kim cited the UAE’s crypto-friendly regulatory environment as a deciding factor for Hashed’s expansion.
Abu Dhabi’s tech landscape is ripe for diversification and advancement, and the partnership is expected to introduce South Korean startups, particularly those valued above $1 billion, to the local market.
Hashed Ventures’ decision to establish a base in Abu Dhabi is part of its overall strategy to mitigate the effects of domestic market challenges, such as South Korea’s declining population.