Saudi fund to invest SAR 112million in Middle East startups
10/10/23
State owned Saudi Venture Capital (SVC) is investing SAR 112 million (USD 30 million) in a fund that will finance startups and growth-stage companies from Saudi Arabia and the Middle East.
Impact46, a Riyadh based asset management and advisory firm will manage Fund III, which aims to support the growth of the tech startup ecosystem. It will invest in Saudi growth stage companies and businesses up to pre IPO stage, with an allocation to seed-stage startups as well as promising startups from the Middle East region.
Established in 2018, SVC is a subsidiary of the SME Bank. So far it has invested in 43 funds, which in turn have invested in more than 700 companies.
In further news, Saudi Arabia recently launched a SAR 750 million (USD 200 million) fund to invest in local and global high-tech companies as part of plans to diversify and create more high-quality technical jobs. The funding is part of a strategy unveiled by Crown Prince Mohammed bin Salman through an initiative from the King Abdullah University of Science and Technology.
The strategy aligns with the 2030 vision to diversify the Kingdom’s economic resources. It aims to transform research into economically productive innovations in sectors like health, sustainable environment and essential needs, energy and industrial leadership and economies of the future.
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