Gellify, a startup accelerator and investor focused on connecting high-tech B2B startups with organizations, has announced a new fund for the Middle East in 2021. Worth $24 million, this new fund will be specifically geared towards B2B SaaS startups specializing in wellbeing, culture, education, environment and sustainability, entertainment, hospitality, as well as wealth and finance.

The Italian investment platform currently runs an approximately $100 million fund in Europe and seems keen on expanding its portfolio to include MENA-based startups. With offices already operational in the UAE, Gellify’s vision is to help cross-pollination of startups across both Europe and the Middle East.

“We are scouting startups to start investing with our own funds and mid next year we will also open a fund to attract other investors from Europe. There is a fragmentation in the innovation ecosystem in the Middle East, capital is available but the ability to connect to that capital is difficult,” said Massimo Cannizzo, CEO of Gellify Middle East, while introducing the new fund.

He further added that a lot needs to be improved when it comes to helping regional startup ecosystems to exert their influence on a global scale. 

Specifically speaking about the startup ecosystems in MENA, Cannizzo said, “We import a lot, but if we don’t export our startups from the Middle East to the rest of the world, we will never make another unicorn. B2C requires a lot of consumers to grow, but in B2B when you have a nice solution it is easier to sell it globally.”