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Many investments in Israeli tech companies are in the works as a result of the Abraham Accords normalizing relations between the United Arab Emirates and Israel.

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Some investments are also going in the opposite direction. The first one, announced November 18, is a $3.8m seed round investment in UAE-based micro-mobility startup Fenix, led by Tel Aviv-based Maniv Mobility.

This marks not only the first investment by an Israeli venture capital fund in a UAE-based tech startup since the normalization of relations but also the largest pre-launch funding round in the history of the UAE tech ecosystem.

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Maniv Mobility founder and managing partner Michael Granoff. (Photo: courtesy)

Maniv Mobility founder and managing partner Michael Granoff says his VC now has portfolio companies in six countries.

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“When it comes to finding safe, affordable and clean ways of moving people around cities, the same solution sets apply to Tel Aviv, London – or Abu Dhabi. We are delighted to be the first Israeli VC to invest in a UAE-based tech company,” said Granoff.

Founded by Jaideep Dhanoa and IQ Sayed, Fenix will soon launch electric kick-scooter service operations in Abu Dhabi, to be followed by other Emirates and Gulf markets in the coming months.

Fenix cofounders Jaideep Dhanoa and IQ Sayed. (Photo: courtesy)

“It is no secret that Israeli mobility companies have enjoyed global success — Waze and Mobileye are just the tip of the iceberg,” said Dhanoa.

“We hope this investment is the start of a cross-pollination of talent, capital and innovation between the nations that can only be an accelerant in the development of a true Middle-Eastern tech ecosystem that will greatly benefit the region and its people at large.”

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Granoff, who will join the board of Fenix, has been involved in transportation technology for nearly 20 years and serves on the board of Securing America’s Future Energy (SAFE), a Washington, DC-based policy and advocacy organization he helped establish in 2004. He was also a board member at the Israeli electric vehicle operator start-up, Better Place, which raised nearly a billion dollars before shuttering in 2013.

Israeli VC invests in UAE-based micro-mobility startup appeared first on ISRAEL21c.

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