Abu Dhabi-based investment firm Chimera Capital Ltd on Tuesday said it has marked the second close of its global fund, Alpha Wave Ventures II, at $10 billion.
Alpha Wave Ventures II is managed by Chimera and Alpha Wave Global (formerly Falcon Edge Capital), which was one of the most active venture capital firms in India in 2021.
The fund will invest globally with focus on fintech, artificial intelligence (AI), life sciences, consumer internet and business-to-business (B2B) sectors, said Chimera Capital in a statement. It did not specify the regions the fund will invest in.
Alpha Wave Ventures II is a multi-stage fund primarily concentrated on growth stage companies with clear exit strategies, it added.
Basar Shueb, Chairman of Chimera Capital, said in the statement that the second close of Alpha Wave Ventures II solidifies its position in the region’s venture capital space.
"Through the fund we will be investing in dynamic, tech-driven businesses that are providing innovative solutions to key problems, contributing to the development of the local knowledge economy while strengthening Abu Dhabi’s position as a hub of innovation and technology," added Shueb.
Alpha Wave Global made 28 investments (new and follow on) in India last year. New investments made by Alpha Wave Global include a bunch of mature startups such as Kunal Shah founded credit card bill payments platform Cred, Ola Electric, the electric vehicle arm of ride-sharing startup Ola Cabs, and food delivery firm Swiggy.
Alpha Wave Global also manages Alpha Wave Incubation Fund that was floated by state entity ADQ, formerly known as Abu Dhabi Developmental Holding Company, in 2020.