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India-based venture debt firm Stride Ventures recently reached first close on its first Abu Dhabi fund, ADGM Fund V, which has a target of USD 250 mn with an additional USD 100 mn green shoe option, the firm’s partner Fariha Ansari Javed told EnterpriseAM UAE. The fund is Stride’s first in Abu Dhabi and forms part of its plan to scale regional assets under management to USD 500 mn by 2026, according to Abu Dhabi SME Hub.The venture debt firm has secured a portion of the targeted funding, with more set to follow in the next few weeks.
Big focus on the Gulf: The fund comes as Stride Ventures looks to expand and consolidate its relationships with the Gulf from its ADGM base amid “favorable macroeconomic and structural tailwinds,” Javed said. Javed also cited the rapid growth of the GCC’s venture and growth debt market, with a 54% CAGR in 2018-2024, far outpacing the 14% global average.
Saudi Arabia is a priority market, Javed said, citing rapid growth in fintechs addressing SME credit gaps and a need for more late-stage capital that extends beyond equity.
Deployment is underway: Stride has already signed term sheets worth more than USD 50 mn, with a 2025 pipeline of over USD 100 mn, Javed said, adding that “founders are increasingly seeking equity-efficient capital solutions.” Ticket sizes will typically range between USD 10-15 mn, covering working capital, acquisitions, and asset-backed financing.
Sector priorities: While maintaining a sector-agnostic approach, Javed flagged strong demand in fintech — particularly SME lending and BNPL — as well as B2B platforms and construction tech. Stride is also offering sharia-compliant murabaha structures, which they said “resonate strongly with regional founders” by aligning with “both governance and cultural parameters.”
Next in the pipeline: Stride’s current GCC pipeline tops USD 150 mn, spanning fintech, healthtech, logistics, and climate tech. The firm is also developing new fund structures tailored to UAE and Saudi markets. .
Background: Stride provided USD 1 mn in venture debt to Abu Dhabi agri-trade fintech Maalexi last July and partnered with Hub71 in February 2024 to back Abu Dhabi-based startups with funding and mentorship. Globally, Stride has deployed more than USD 1.2 bn across over 180 high-growth companies.
