Paul Kenny, a 29-year-old Irish entrepreneur based in Dubai, has launched a technology start-up fund targeting the Middle East.

Mr Kenny has teamed up with Arya Bolurfrushan, a former Goldman Sachs banker who is now the chief executive of his family’s Bolurfrushan International conglomerate. His family has interests in oil, technology, real estate and insurance. Mr Bolurfrushan is also chief financial officer of RAK Petroleum, a private oil and gas company in Dubai.

Mr Kenny, who founded Cobone, a daily deals business he sold earlier this year for $40 million to Tiger Management Corp, said he was unable to disclose the size of the fund.

The two men’s fund is called Emerge Ventures. Mr Kenny said it has already made its first three investments.

'Significant impact'
"We invest from $25,000 to a few million dollars so quite a wide range," he said. "What I can say is that our fund will make a significant impact in the regional tech scene."

Its first three investments are the Impact Hub, a business accelerator in Souk al Bahar in Dubai; Lumba, a mobile gaming company; and Elevision, a digital media network.

“Our focus is to find the best entrepreneurs and back them with smart capital – financial as well as intellectual – becoming true partners with the entrepreneurs to help them innovate, succeed and ultimately grow their business,” Mr Kenny said.