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Can Saudi Venture Capital’s $150 million investment boost the country’s tech start-ups?
The funding aims to help these start-ups grow from early-stage development to successful exits or IPOs.
Saudi Venture Capital (SVC), a key subsidiary of the National Development Fund’s SME Bank, has announced a significant investment in a $150 million venture capital (VC) fund.
Reportedly, this move aims to bolster the growth of technology start-ups within Saudi Arabia, reflecting the country’s ongoing commitment to fostering innovation and entrepreneurship in the tech sector. Through this funding, SVC intends to support start-ups at various stages, from seed funding to eventual public offerings or exits, contributing to the development of a thriving tech ecosystem in the region.
The investment targets the Middle East Venture Fund IV, managed by Middle East Venture Partners (MEVP), and is designed to provide funding to start-ups from the seed stage all the way to IPO or exit.
“This investment aligns with SVC’s mission to support funds that focus on early-stage start-ups in Saudi Arabia, fostering their development and growth into later stages,” said Nabeel Koshak, CEO and Board Member at SVC.
MEVP, which has allocated over $50 million to tech-focused start-ups in Saudi Arabia, manages four VC funds specializing in technology. These funds collectively oversee over $300 million in assets under management, supplemented by $2 billion in co-investments.
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