https://arab.news/bmusm
RIYADH: Startups in the Kingdom are set to benefit after Saudi Venture Capital Co. committed $15 million to Saqr 2 Fund, which targets early-stage investments across the region.
The $90 million fund, managed by Saudi-based Vision Ventures, targets businesses from pre-seed to pre-series B stages, spanning various sectors in the Kingdom and the broader Middle East and North Africa region, according to the Saudi Press Agency.
Nabeel Koshak, CEO and board member of SVC, said: “The investment in Vision Ventures’ venture capital fund is part of our fund investment program.”
He added: “It aligns with our strategy to stimulate the establishment of funds that invest in Saudi startups and small and medium-sized enterprises at various growth stages. Additionally, we aim to encourage these funds to provide added value to the startups and SMEs.”
Vision Ventures, a key player in the venture capital ecosystem, expressed confidence in the collaboration.
“SVC’s continued commitment to our venture capital funds is a privilege for us,” said Kais Al-Essa, co-founder and CEO of Vision Ventures, adding: “We are proud to have SVC as a key investor in our funds once again, reaffirming the company’s ability to provide investors with exceptional performance and returns, attracting investors alongside other leading institutional investors like SVC.”
This investment is part of SVC’s broader initiative to stimulate venture capital activity in Saudi Arabia and foster the growth of startups and SMEs in the region.