A venture capital firm set up by former employees of troubled Dubai-based private equity firm The Abraaj Group has suspended activities after it was unable to raise money for investments.

Abraaj helped found Bakery VC in 2017 with a group of Dubai-based investors, according to an Abraaj spokeswoman. She said the venture-capital firm “was incubated and supported by Abraaj”, but declined to comment on whether Abraaj had provided it with any financial backing.