Saudi Venture Capital has announced its investment of $10 million in TVM Capital Healthcare’s Afiyah Fund. It will help in the growth of innovative companies in the Saudi healthcare sector.
The subscription agreement was signed by Dr. Nabeel Koshak, CEO and board member at SVC, and Dr. Helmut Schuehsler, chairman and CEO at TVM Capital Healthcare. The signing ceremony was attended by Mazin Al-Ghunaim, CEO of Saudi SME Bank.
TVM Capital Healthcare is a specialized healthcare expansion and growth capital private equity firm, operating out of Riyadh and Dubai in the Middle East, as well as Singapore in the Southeast Asia region.
Commenting on the investment, Al-Ghunaim said that SVC’s mandate is to develop the venture capital and private equity ecosystems in the Kingdom, and to increase investment opportunities in startups and SMEs, thus supporting their success rate and continuous growth to successfully contribute toward achieving Saudi Vision 2030.
Dr. Koshak said: “The investment in TVM Capital Healthcare’s Afiyah Fund is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors, such as healthcare.”
Dr. Schuehsler said: “We are raising this fund to finance innovative healthcare companies in the country and selectively bring highly innovative foreign companies into the Kingdom.”
The signing ceremony was also attended by Nora Alsarhan, chief investment officer at SVC, and Haifa Bahaian, chief legal officer at SVC. TVM Capital Healthcare’s managing partners Tristan de Boysson and Orhan Osmansoy, and operating partner Othman Abahussein were also present.
