September 21, 2023

Varys Capital Eyes Entering in GCC Market To Enhance Blockchain Technology

Blockchain in GCC

Blockchain in GCC

Varys Capital, a venture capital fund, plans to enter the GCC market and offer institutional and qualified investors a chance to invest in the upcoming era of digital assets.

They specialize in quantitative trading and seek to raise $75 million for their equity-focused venture fund centered around blockchain innovation. Their primary goal is to achieve long-term growth by investing in a portfolio of high-quality, early-stage businesses that use blockchain technology to address needs in the software, gaming, and finance industries.

The fund has garnered interest from local institutions and prominent investors, with 12 commitments already in place across various sectors, including decentralized and centralized finance, GameFi/Web3, infrastructure, and emerging technologies.

In this regard, Managing Partner of Varys Capital Darius Askaripour said: “We are looking at entering the UAE market first encouraged by supportive local government directives, its high innovation levels, robust infrastructure, and forward-thinking mindset, but plan to deploy across the Middle East and North Africa with multiple deals already at the final stages of due diligence.”

Varys Capital has made several successful investments in the blockchain, cloud technology, and gaming industries. The International Market Analysis Research & Consulting Group predicts that the digital asset management market in the GCC will have a value of US$222 million by 2028, with a compound annual growth rate of 12.9% over the next five years.

Varys Capital has managed an equity-focused venture fund and a quantitative trading fund since 2018. Their blockchain venture fund has seen a total value to paid-in capital returns of 440%, with over triple-digit internal rate of return since capital deployment in March of this year.

Varys Capital has invested in five prominent projects, including Movement Labs, SunSpear Games, Bloxtel, Shrapnel, and Nirvana Labs, with two of these projects already experiencing significant uprounds and boosting returns.

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