Affinis Labs’ $250mln Islamic tech fund bides its time, planning accelerators in Kuala Lumpur, Silicon Valley
Six months after its launch, the venture fund for early stage tech start-ups in the global Islamic economy has yet to place a bet. Instead, organizers say it’s waiting until summer of 2017 to start making 45 investments per year in seed and growth-stage companies.
In October of 2016, Virginia, U.S.-based Affinis Labs announced a $250 million investment fund for seed stage tech start-ups operating in the global Islamic economy. However, six months later, it seems the fund is still biding its time, waiting for the right moment to strike with its first investment.
The plan and war chest were revealed by Affinis Labs’ chief technology officer (CTO) Shahed Amanullah, who stated that the fund was also brought to life by Malaysia Venture Capital Management Berhad (MAVCAP) and managed by Silicon Valley-based Elixir Capital. Amanullah claimed the fund would provide an “end-to-end ecosystem” for Islamic start-ups. Today, he stays on point.
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Leighton Cosseboom