Ibrahim Ajami plans to leave Mubadala Capital next year to start a new venture firm. The firm, called Noha, is targeting about $500 million for its debut fund. Ajami currently serves as head of ventures at Mubadala Capital.
Seed backing
Noha is expected to receive several hundred million dollars in seed capital from Mubadala Capital. It also plans to co-invest alongside other UAE private capital groups. Discussions remain ongoing and no final investment decisions have been made.
Investor background
Ajami has spent roughly two decades at Mubadala. He has backed companies including SpaceX, Waymo, and Stripe. Mubadala Capital manages more than $60 billion across private equity, credit, and venture capital.
Investment focus
Noha would invest in companies at earlier stages of development. It would offer founders access to UAE capital, customers, and computing resources. About 90% of its investments would go to US startups.
A small group from Ajami’s existing San Francisco team would initially staff the business. The remaining investments would target the UAE and other markets. The launch would preserve a substantial financial relationship with Mubadala Capital.
Read more: ft.com