N15 Partners signed a memorandum of understanding (MOU) with the UAE based venture capital Shorooq Partners. This MOU was part of economic cooperation efforts between Korean and the United Arab Emirates, and one of the major accomplishments of the economic delegation led by President Yoon Suk Yeol, while he was making a state visit to the Emirates earlier this month. Shorooq Partners, a leading venture capital in the Middle East operating in the Emirates, Saudi Arabia, Bahrain, Qatar, and Egypt will conduct joint program dedicated to discover and accelerate smart city sector startups.

Throughout the MOU, it is expected for both N15 Partners and Shorooq Partners to establish joint-fund for further escalate their partnerships, and broaden global startup ecosystem. According to the Ministry of Trade, Industry and Energy, through “Korea-UAE Business Forum” held at Rixos Marina Hotel Abu Dhabi, more than 24 MOU, worth over 7 trillion won ($6.1 Bn) has been signed. Among them, Huh Jea, CEO of N15 Partners, signed an MOU with Shane Shin, CEO of “Shooq Partners,” Tarek Fouad Head of Growth, and key officials to promote Korea-Middle East economic cooperation in smart city sector. Established in 2018, N15 Partners is a startup accelerator certified by the Ministry of SMEs and Startups. 

“We will help domestic startups with excellent technology in smart cities, games and Web3 to expand into the Middle East. By providing them opportunities to connect with local UAE companies, we will try to create a Middle East boom,” Huh said.

The company said it already has experience in the Middle East market, matching local startups with companies there. In December 2022, the company also successfully operated the Eco-Bridge Project together with the UAE Embassy in Korea so as to support promising startups entering the Middle Eastern country. They have also hosted ‘Eco-Bridge Competition Event’ where 7 Korean startups can pitch their business and global expansion plan towards Emarati institutional investors such as ADQ, ADIO and Sharjah FDI Office. Shorooq Partners is a venture capital company established in the UAE in 2016 and has five offices in the Middle East. As of January 2023, it has invested in about 90 startups in 11 countries around the world and the startups’ corporate value has grown to around 3 trillion won ($2.42 Bn).

Also, they were invested by 8 sovereign wealth funds, KVIC from Korea, Mubadala, ADIO, ADQ from the Emirates, PIFA Jada and SVC from Saudi, ISSF from Jordan and Al WAHA from Bahrain. With proven expertise and credibility on the market, they have successfully raised 200 billion won ($ 150M).