ADGM-based venture capital firm Phoenix Venture Partners (PVP) reached third close for its debut investment vehicle, the Phoenix Venture Partners Innovation Fund, according to a press release. PVP said the fresh capital pointed to investor confidence despite ongoing regional tensions, but stopped short of specifying the exact amount raised.

More on the fund: The fund — which finalized its second close of USD 50 mn in March — is backed by a mix of institutional investors, family offices, and high-net-worth individuals. Investors hail from the UAE, Kuwait, Saudi Arabia, the US, and France. The final funding round is slated for October, and the secured capital will target early-stage regional startups focusing on fintech, healthtech, and agrifood.

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