RIYADH: The Saudi Venture Capital Company (SVC) has launched an investment product in debt funds and venture capital funds, SPA reported.
This came after the approval of the Financial Sector Development Program Committee. Approval to launch SVC’s investment products in debt funds and venture capital funds aims to diversify sources of funding and fill financing gaps for emerging companies and small and medium enterprises (SME), the program director general, Faisal Al-Sharif said.
SVC, in partnership with angel investors, aims to bridge financing gaps and stimulate investment in emerging companies and small and medium enterprises.
Since its launch in 2018 SVC has invested SR2.8 billion in Saudi startups and SMEs.
“Funds that offer debt instruments and venture capital instruments still represent a financing gap in the venture capital and growth investment system in the Kingdom, and debt instruments and venture capital instruments have emerged globally as an extension of the evolution of the venture capital and growth investment system,” SVC CEO Nabeel Koshak said.
SVC is a government company that was established as a result of one of the initiatives of the Financial Sector Development Program, which was led by Monshaat.
