Singaporean venture capital firm Scalo Technologies is set to invest $100 million in promising startups over the next three to five years, with a particular interest in cloud-based AI products and gaming companies.
The company, which has chosen Dubai as its new headquarters in a strategic move to connect with global startups and guide them towards entering global markets, is also interested in other fast-growing sectors and markets displaying multiple growth potential over the next five to 10 years.
Scalo estimates that around 50% of its $100 million earmarked for investment in promising startups over the next three to five years will be in tech and AI companies based in the Middle East and North Africa.
Dubai's high level of business activity, growing economy and strong government initiatives to attract entrepreneurs and professionals from across the globe make it an attractive location for Scalo.
The company aims to help launch breakthrough technologies for the masses and make access to best-in-class software and high-performance computing facilities more affordable through the cloud.
Scalo's investments to date include Megarender.com, the online cloud render farm, and Voctiv, a deep tech company helping businesses worldwide to build fully autonomous, AI-powered contact centres.