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Jeddah - Yasmine El Tohamy - RIYADH: Kuwait's Coffee marketplace COFE App, London-based Fairwater Capital, and UAE's headquartered Frontera Capital, have joined Abu Dhabi Investment Office’s, or ADIO, $545 million innovation scheme to boost their expansion plans.
Under the program, the three firms are to receive financial support — of an undisclosed sum — from ADIO., Forbes Middle East reported.
Founded in 2018, COFE App provides swift access to global coffee franchises and brands with several features and premium services through a single platform.
It will use the financial support from ADIO to capture growth opportunities locally and internationally.
Globally focused alternative investment firm Fairwater Capital will use the incentive to develop its international quantitative research hub, global data center, and operations hub in Abu Dhabi Global Market, or ADGM, amid expansion efforts of its investment strategies.
Boutique Investment firm Frontera Capital will utilize the incentive by expanding its capabilities from ADGM through originating, structuring, and distributing frontier market risk.
ADIO’s innovation program aims to back innovation-driven businesses, as well as investors, via financial and non-financial incentives.
Almost 50 percent of the program’s incentives have been awarded to 37 innovative corporations.
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