Tech venture company Scalo sets up headquarters in Dubai
The company will invest $100m in startups over three to five years
Dubai: In a strategic move to identify and guide startups with the potential to enter global markets, tech venture and enterprise solutions-focused company Scalo Technologies has established its headquarters in Dubai.
Scalo officials announced on Monday that it plans to invest $100 million in promising startups over the next three to five years and sees Dubai as the perfect hub to drive its plans in the tech and gaming sectors. The company estimates that around 50 per cent of the investment will be in MENA-based tech and AI companies.
Set up in Singapore in 2020, Scalo chose to base its operations in Dubai because of the emirate’s high level of business activity. Abdumalik Mirakhmedov, director and co-founder of Scalo Technologies, said: “We want to capitalise on the chance to connect with global startups and also to meet UAE-based and MENA-based founders.”
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.
Co-founder Rashit Makhat said: “We’re particularly interested in cloud-based AI products and gaming companies and are constantly searching for breakthrough ideas that can grow worldwide. At the same time, we are always exploring new opportunities in other fast-growing sectors.”