Riyadh – Sharikat Mubasher: Saudi Venture Capital (SVC) announced investing in two venture capital funds aimed at supporting startups in Saudi Arabia and the wider MENA region. This move aligns with Saudi Arabia’s Vision 2030, which seeks to strengthen the country’s tech and entrepreneurial ecosystem.
One of these is its commitment with the Middle East Venture Fund IV, managed by Middle East Venture Partners (MEVP). The fund has a total size of USD 150 million and will focus on tech startups with high growth potential. Its goal is to create lasting positive impacts across various sectors within Saudi Arabia’s evolving economy.
The initiative is designed to support startups at different stages, from Seed to Series A, Series B, and eventually IPOs or exits, with the aim of fostering both Saudi and regional technology leaders.
Nabeel Koshak, CEO and Board Member at SVC, highlighted the strategic importance of the investment, stating:“Our investment in the Middle East Venture Fund IV by MEVP supports SVC’s strategy of backing funds that invest in early-stage startups based in Saudi Arabia, aiming to foster their growth into later stages.”
In addition, SVC has also invested in Raed III L.P., an early-stage venture capital fund managed by Raed Ventures. This fund is dedicated to tech-enabled startups, particularly in the fintech, enterprise software, and B2B SaaS sectors.
Walid Mansour, Co-Founder and Co-CEO at MEVP, emphasized the significance of their efforts over the years, saying: “Over the past decade, we have deployed more than USD 50 million into some of Saudi Arabia’s leading tech startups, helping create over 12,000 jobs and attract USD 1.1 billion in co-investments that have contributed to Saudi Arabia’s FDI.”
The investment in Raed III L.P. will focus on early-stage opportunities within Saudi Arabia and the UAE markets, driving the growth of tech and tech-enabled startups in the region.
Nabeel Koshak reiterated SVC’s strategic vision, stating: “Our investment in the venture capital fund managed by Raed Ventures aligns with our strategy to back private funds that focus on Saudi-based startups at different stages of growth.”
Omar Almajdouie, Founding Partner at Raed Ventures, expressed enthusiasm for the continued partnership with SVC, stating: “We are delighted to continue our strategic partnership with SVC as an anchor investor in Raed III, building upon the success of our collaboration in Raed II.”
Established in 2018 as a subsidiary of the SME Bank under the National Development Fund, SVC is dedicated to enhancing financing opportunities for startups and SMEs. Its efforts span from pre-Seed to pre-IPO stages through investments in funds and direct company backing.
