20.11.2020 | First investment of an Israeli venture capital fund in a company in the United Arab Emirates, accompanied by the Israeli law firm AYR – Amar Reiter Jeanne Schochatovitch & Co.
AYR – Amar Reiter Jeanne Shochatovitch & Co.’s Hi Tech Department – led by Adv. Daniel Chinn – recently assisted its client, Maniv Mobility, an Israeli venture capital fund, in connection with its investment in Fenix Scooters, a micromobility company operating in the UAE. This is the first time an Israeli venture fund has invested in operations in the UAE. In order to provide the necessary local advice to our client, our team partnered with Davidson & Co., a local UAE law firm, who reviewed all the local documentation and assisted with the structural and governance issues, many of which are unique to the UAE. Since the legal environment in the UAE is very different from other jurisdictions in which Maniv has been active, mainly the US, Europe and Israel, it was important to make Maniv aware of the various issues around local corporate governance as well as operational matters, while at the same time framing the investment transaction in a way compatible with classic venture deals, all within a tight timetable to allow the funding of Fenix so it could commence operations as soon as possible.
The Israeli fund was represented by our firm through Advs. Daniel Chinn and Mati Rosenbaum.
The translation was executed courtesy of Tomedes Translations