RIYADH: Emerging companies and innovative technologies are poised to receive an investment boost with the launch of Tali Ventures, a specialized firm founded by stc group.
The communication giant’s new arm aims to create added value by adopting cutting-edge solutions and business models, the Saudi Press Agency reported.
The fund has already commenced investments in several emerging projects, notably the Nile Co., specializing in network equipment solutions, the Rewaa platform focusing on inventory management, and the NearbyPay platform, a digital payment solutions company.
The new undertaking will invest in emerging projects in their initial stages, focusing on initiatives in several fields, including artificial intelligence, financial technology, and information and communications technology, as well as cloud services, the Internet of Things, cybersecurity, and other digital sectors.
The fund’s launch reflects the ongoing trend of investing in promising technological projects that will help catalyze growth in the region and the world, SPA reported.
It also serves as a continuation of stc group’s efforts to support entrepreneurs and digital projects through various initiatives and investments. For instance, inspireU, an initiative that incubated and supported over 100 startup projects, successfully graduated 10 batches.
This also demonstrates the continuous support for this sector through aiding entrepreneurial projects by many international investment funds such as Tali Ventures, Sanabil and Prosperity7, the agency added.
Entrepreneurs have obtained over SR700 million ($186.6 million) in investments through stc’s InspireU accelerator since its inception.
During the graduation of InspireU’s ninth batch, the group announced the accelerator’s expansion with a new program to support emerging technologies.
At the ceremony, stc group Chief Investment Officer Moataz Al-Anqari commended the accelerator’s role in enhancing entrepreneurship in the Kingdom, citing it as a crucial part of the company’s strategy.
“Since the program’s inception, the InspireU accelerator has supported over 90 digital projects in various domains, with investments and financial transactions hitting a market value of SR12 billion ($3.1 billion). Moreover, over 40 million users have benefited from InspireU’s projects,” Al-Anqari noted.
