https://arab.news/6nfqm
RIYADH: The Saudi startup ecosystem is set to expand further with the investment fund CoreVision acquiring VeFund, infusing artificial intelligence technologies for enhanced venture evaluation, innovation, and strategic growth.
The acquisition of VeFund, a regional platform for venture evaluation and investor connections, represents a significant step in CoreVision’s strategic growth, enhancing its portfolio with advanced AI-driven technologies.
The Saudi investment firm plans to use VeFund’s AI technology to support startups in navigating competitive environments.
Following the acquisition, CoreVision CEO Faisal Al-Abdulsalam will lead VeFund as its chief executive.
Al-Abdulsalam’s extensive experience and portfolio of over 80 investments in various sectors are set to bring a new strategy of leadership and vision to VeFund, the company said.
“We at CoreVision are not just investors, we see ourselves as ecosystem builders. As such, our vision is to transform VeFund into a secondary market for startups, offering a platform for investors to trade safe notes, which is essential in contributing to the vibrancy of the startup community here in Saudi Arabia,” said Al-Abdulsalam.
Launched in 2023 by Mohamed Gaber, an AI specialist and serial entrepreneur, along with his co-founder Ahmed Magdy, VeFund’s intelligent evaluator provides a suite of tools, including an AI Survivability Index, valuation calculators, and extensive portfolio management solutions.
“I am excited about the future of VeFund and believe strongly that this transition will drive VeFund’s mission forward, fostering an environment of innovation and success for startups across the Middle East,” Gaber said.
VeFund currently has over 1,400 startups registered on its platform and has a database of more than 400 angel investors and investments funds spanning across Saudi Arabia, the UAE, Egypt, and Pakistan.