UAE's Interactive Ltd has received a Dh11 million ($3 million) capital infusion from a Deutsche Bank sponsored technology fund as part of its second round of financing, the Gulf News reported Wednesday, noting that the new finances will be used to develop a portfolio of Internet and technology related businesses in the region.
The earlier financing, according to the daily, came from Armada International, an offshore fund specializing in investments in enabling technologies and radical Internet and new media plays. Armada now holds almost 20 per cent of Interactive, which is located in the Dubai Internet City, according to the paper.
Backed by Deutsche Bank and a consortium of private investors, the Armada Group includes a London-based "accelerator" consultancy which works with partner companies, providing them with professional services from the team and strategic partners -- Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
